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 Percent Complete 100% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 6,600 47,520 48,840 5,280 100% 80% $ 43,560 488, 268 $ 531,828 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 1,092,960 4,765,068 5,858,028 $ 6,389,856 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. TAMAR COMPANY-Forming Department Production Cost Report - Weighted Average Method For Month Ended May 31 Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) Direct Materials Conversion Units % Complete EUP % Complete EUP Equivalent Units of Production Cost per equivalent unit of production Materials Conversion Total costs Costs Costs EUP EUP + Equivalent units of production Cost per equivalent unit of production Cost Assignment Cost per Completed and transferred out EUP Total cost EUP Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly. View transaction list Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit May 31