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 Percentage of Completion with Respect to Conversion 36% Equivalent Units Direct Material Conversion Work in process, May 1 Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 Total units accounted for Physical Units 25,000 37,000 62,000 32,000 30,000 62,000 32,000 30,000 32,000 19,800 66% Work in process, May 1 Costs incurred during May Total costs to account for Direct Material $122,300 162,900 $285,200 Conversion $ 560,100 1,882, 270 $2,442,370 Total 682,400 2,045, 170 $2,727,570 Journal entry worksheet 1 Record the transfer of cost of goods completed and transferred out. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal