Required information Problem 20-6AA 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 one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning goods in process consisted of $19,800 of direct materials, $123,300 of direct labor, and $98,640 of factory overhead. It has 2,400 units (100% complete with respect to direct materials and 80% complete with respect to direct labor and overhead) in process at month-end. After entries to record direct materials, direct labor, and overhead for May, the company's Goods in Process Inventory account follows. Acct. No.133 Debit Credit Date May. 1 31 31 Goods in Process Inventory Explanation Balance Direct materials Direct labor 496,800 1,203,300 Balance 241,740 738,540 1,941,840 31 Applied overhead 962,640 2,904,480 Beginning goods in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to direct labor and overhead. Of the 22,200 units completed, 3,000 were from beginning goods in process. The remaining 19,200 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. Problem 20-6A Part 1 1. Prepare the company'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: $ 0 $ 0 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 % Labor EUP- Labor % Overhead EUP- Overhead 0 Total units Cost per equivalent unit of production Materials Labor Overhead Cost per equivalent unit of production Materials Labor Overhead Total costs Costs Costs Costs EUP 0 EUP 0 EUP Too 0 - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost: Cost per Cost to complete beginning inventory EUP Total cost EUP Direct materials $ 0 Direct labor Factory overhead 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 Direct materials $ Direct labor $ 0.00 Factory overhead 0 $ 0.00 Total cost of units started and completed Total cost of units transferred out Cost per Costs of ending goods in process EUP Total cost EUP 0.00 Direct materials $ 0 Direct labor $ 0.00 0 $ 0.00 0 Factory overhead Total cost of ending goods in process Total costs accounted for