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 Percent Percent Units Complete Complete Beginning work in process inventory Units started this period 6,750 100% 40% 48,600 Units completed and transferred out 49,950 Ending work in process inventory 5,400 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 44,550 499,365 1,117,800 $ 543,915 4,873,365 5,991,165 Total costs to account for $ 6,535,080 Required: 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.