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. 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. Goods in Process Acct. No.133 Inventory Date May. 1 Explanation Debit Credit Balance Balance 241,740 31 Direct materials 496,800 738,540 31 Direct labor 1,203,300 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. 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: Costs of beginning goods in process $ 241,740 Costs incurred this period $ 2,662,740 Total costs to account for: $ 2,904,480 Total costs accounted for Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for: Beginning goods in process inventory - units 3,000 Units started this period 21,600 Total units to account for 24,600 Total units accounted for: Units completed and transferred out 22,200 Ending goods in process - units 2,400 Total units accounted for 24,600 Equivalent units of production (EUP)- FIFO method Units completed and transferred out Units 22,200 % Materials EUP- Materials % Labor EUP- Labor % Overhead EUP- Overhead 100% 22,200 22200% 4,928,400 100% Ending goods in process - units 2,400 2400% 24600% 100% 80% 22,200 590,400 Total units 24,600 5,518,800 Cost per equivalent unit of production Materials Labor Overhead Costs incurred this period Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Direct materials Direct labor Factory overhead Total cost to complete beginning inventory Total cost of units in beginning inventory Costs Costs Costs EUP 0 EUP 5,518,800 EUP 0 0 0.00 Cost per EUP Total cost EUP $ 0 Cost of units started and completed EUP Direct materials Direct labor Factory overhead Total cost of units started and completed Total cost of units transferred out Costs of ending goods in process Direct materials Direct labor Factory overhead Total cost of ending goods in process Total costs accounted for Cost per Total cost EUP $ 0 $ 0.00 0 $ 0.00 Cost per EUP Total cost EUP $ 0.00 0 $ 0.00 0 $ 0.00 0