Required information [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Beginning work in process inventory Units started this period 4,050 Percent Percent Complete Complete 100% 40% 29,160 Units completed and transferred out 29,970 Ending work in process inventory 3,240 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 26,730 299,619 670,680 2,924,019 $ 326,349 3,594,699 $ 3,921,048 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly. Equivalent Units of Production Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production EUP Direct Materials Cost Assignment Beginning work in process To complete beginning work in process EUP Cost per EUP Total cost Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost EUP Cost per EUP Total cost EUP Conversion Equivalent Units of Production Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production EUP Direct Materials Cost Assignment Beginning work in process To complete beginning work in process EUP Cost per EUP Total cost Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost EUP Cost per EUP Total cost EUP Conversion Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 General Journal Debit Credit View general journal Record entry Clear entry