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 Tor the Month of May Percentage of Completion Equivalent Unita Physical with Respect to Direct Units Conversion Material Conversion Work in process, May 1 25,000 Units started during May 30.000 Total units to account 55,000 Units completed and transferred out during May 35,000 35,000 35,000 Work in process, May 31 20,000 801 20,000 16,000 Total units accounted for 55,000 404 or Work in process, May 1 Costs incurred during May Total costs to account for Direct Material $143,000 165,000 $300,000 Conversion $ 474,700 2,009,000 $2,483,700 Total $ 617,700 2,174,000 $2,791,700 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred o for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet