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 6,600 Percent Complete 100% Percent Complete 40% 47,520 Units completed and transferred out 48,840 Ending work in process inventory 5,280 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 43,560 488,268 $ 531,828 1,092,960 4,765,068 5,858,028 $ 6,389,856 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.