Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 25,700 units of product to finished goods inventory. Its 3,700 units of beginning work in process consisted of $20,500 of direct materials and $253,440 of conversion costs. It has 2,750 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $520,050 of direct material costs and $2,424,960 of conversion costs were charged to production

1.

Prepare the companys process cost summary for May using the weighted-average method.

2.	Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory.