Required Information [The following information applies to the questions displayed below.] Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Production Report For the Month of May Physical Units Percentage of Completion with Respect to Conversion Equivalent Units Direct Material Conversion Work in process, May 1 33,000 40% Units started during May 49,000 Total units to account for 82,000 Units completed and transferred out during May 48,000 Work in process, May 31 Total units accounted for 34,000 82,000 70% 48,000 34,000 48,000 23,800 Work in process, May 1 Costs incurred during May Total costs to account for Direct Material $130,300 279,700 $410,000 Conversion Total $ 572,100 $ 702,400 2,895,840 $3,467,940 3,175,540 $3,877,940 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet > 1 Record the transfer of cost of goods completed and transferred out. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit