Required information

[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. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 22,200 units of product to finished goods inventory. 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 material costs and $2,165,940 of conversion costs were charged to production.

1. Prepare the companys process cost summary for May using the weighted-average method.

2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory (using the provided information). 1.) Record the transfer of goods to finished goods inventory.

Ch 20 Homework Saved 3 1. Prepare the company's process cost summary for May using the weighted-average method. Part 1 of 2 Total costs to account for: 10 polnts Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for Print Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP onversion Units | % Materials EUP-Materials %Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out EUP EUP Cost per EUP EUP Total cost Direct materials Total costs transferred out Costs of ending work in process Cost per EUP EUP Total cost Direct materials 0.00 S 0.00 Total cost of ending work in process Total costs accounted for Prex 3 4 of 4Next >