Saved 40:21 Required information (The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 22,050 units, and transferred 22,700 units of product to the Assembly department. Its 3,100 units of beginning work in process consisted of $75,780 of direct materials and $406,970 of conversion costs. It has 2,450 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end, During the month, $467.460 of direct materials costs and $2,330,290 of conversion costs were charged to the Forming department. The following additional information is available for the Forming department. Beginning work in process consisted of 3,100 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion Of the 22,700 units transferred out, 3,100 were from beginning work in process. The remaining 19,600 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. 1. Prepare the Forming department's process cost summary for May using the FIFO method (Round "Cost per EUP" to 2 decimal places.) $ $ 246,340 2.470.060 2,722.400 2.991,000 (260,500) $ Total costs to account for: Cost of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding costunt Unit reconciliation Units to account for: Beginning work in process inventory units Units started this period Total units to account for Total units accounted for Units completed and transferred out Ending work in process units Total units accounted for Equivalent units of production (EUP). FIFO method 3,100 22,050 25,150 22.700 2.450 25,150 Units EUP: Materials Beginning work in process invertory units * Materials 60% 3.100 % Conversion EUP. Conversion 40% 1.240 1.860 Required information D 39:58 % Conversion EUP. Conversion 40% 100% 80% Units started this penoa 22,USU Total units to account for 25,150 Total units accounted for: Units completed and transferred out 22,700 Ending work in process- units 2,450 Total units accounted for 25,150 Equivalent units of production (EUP)- FIFO method Units % Materials EUP-Materials Beginning work in process inventory - units 3.100 60% 1,860 Units completed and transferred out 22,700 100% 22.700 Ending work in process units 2450 100% 2.450 Total units 25,800 27,010 Cost per equivalent unit of production Materials Cost of beginning work in process $ 19,900 Total costs Costs $ 19,900 -Equivalent units of production EUP 27,010 Cost per equivalent unit of production (rounded to 2 decimals) $ 0.74 Total costs accounted for: Beginning Inventory Cost Cost to complete beginning inventory Cost per EUP EUP Total cost Direct materials 22.700 $ 20.00 $ 454.000 Conversion 22,700 s 90.00 2,043,000 Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed Cost per EUP EUP Total cost Direct materials 2,450 $ 20.00 $ 49,000 Conversion 2,450 $ 90.00 220,500 Total cost of units started and completed Total cost of units transferred out 1,240 22,700 1,960 25,900 Conversion $ 226,400 $ 226,400 25.900 $ 8.74 Costs EUP 2,497.000 2,497.000 269,500 2,766,500 EUP Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for 2450 1.900 Cost per EUP Total cost $ 20.00 $ 49,000 S 90.00 176,400 225,400 2.991.900 $
