Required information Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 (The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 24,750 units, and transferred 25,700 units of product to the Assembly department. Its 3,700 units of beginning work in process consisted of $164,530 of direct materials and $139,022 of conversion costs. It has 2,750 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $529,650 of direct materials costs and $2,929,978 of conversion costs were charged to the Forming department. The following additional information is available for the Forming department. Beginning work in process consisted of 3,700 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 25,700 units transferred out, 3,700 were from beginning work in process. The remaining 22,000 were units started and completed during May Assume that Tamar uses the FIFO method to account for its process costing system. Problem 20-5AA Part 1 1. Prepare the Forming department's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- FIFO method Units % Materials EUP - Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production roduction Materials Conversion Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP Costs EUP 0 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Cost per EUP EUP Total cost Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed EUP Cost per EUP Total cost $ 0.00 Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Costs of ending work in process EUP Cost per Total cost Direct materials $ $ $ 0.00 0.00 Conversion Total cost of ending work in process Total costs accounted for
