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 6,750 Percent Percent Complete Complete 100% 40% 48,600 Units completed and transferred out Ending work in process inventory 49,950 5,400 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 44,550 499,365 $ 543,915 1,117,800 4,873,365 5,991,165 $ 6,535,080 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. Complete this question by entering your answers in the tabs below.