! Required information [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 21,600 units, and transferred 22,200 units of product to the Assembly department. Its 3,000 units of beginning work in process consisted of $19,800 of direct materials and $221,940 of conversion costs. It has 2,400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $496,800 of direct materials costs and $2,165,940 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 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 22,200 units transferred out, 3,000 were from beginning work 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. 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: Costs of goods manufactured $ 23 Total costs to account for: $ 23 Total costs accounted for $ 0 Difference due to rounding cost/unit Unit reconciliation: Units to account for: Beginning work in process inventory - units Units started this period Total units to account for 3,000 21,600 24,600 Total units accounted for: 22,200 Units completed and transferred out Ending work in process - units Total units accounted for 2,400 24,600 Equivalent units of production (EUP)- FIFO method Units % Materials EUP- Materials % Conversion EUP- Conversion 0 Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs EUP 0 EUP 0 + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: 0 0 Beginning Inventory Cost: Cost per Cost to complete beginning inventory EUP EUP Total cost Direct materials $ 0 Conversion Tot cost to complete beginning inventory Total cost of units in beginning inventory Cost per Cost of units started and completed EUP EUP Total cost $ 0 $ 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 EUP Total cost Direct materials $ 0.00 $ 0 $ 0.00 0 Conversion Total cost of ending work in process Total costs accounted for
