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. 2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is require or a transaction/event, select "No journal entry required" in the first account field.)