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 22,200 units of product to finished goods inventory. Its 3,000 units of beginning work in process consisted of $19,800 of direct materials and $221,940 of conversion costs. It has 2,400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $496,800 of direct material costs and $2,165,940 of conversion costs were charged to production. Beginning work in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 22,200 units completed, 3,000 were from beginning work in process. The remaining 19,200 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5A Part 1 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Cost of beginning work in process $ 241,740 Costs incurred this period 2,662,740 Total costs to account for: $ 2,904,480 Total costs accounted for Difference due to rounding cost/unit $ 0 Unit reconciliation: Units to account for: Beginning work in process inventory - units 241,740 Units started this period 2,662,740 Total units to account for 2,904,480 Total units accounted for: Units completed and transferred out 3,000 Ending work in process - units 21,600 Total units accounted for 24,600 Equivalent units of production (EUP)- FIFO method Units completed and transferred out Units started and completed this period Units % Materials EUP- Materials % Conversion 0 Total units Cost per equivalent unit of production Cost of beginning work in process Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) T EUP- Conversion Materials Conversion $ 19,800 221940 Costs $ 19,800 Costs EUP 0 EUP 0 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP Cost per EUP Total cost $ 0 EUP Cost per EUP Total cost $ 0 $ 0.00 EUP Cost per EUP Total cost $ 0.00 $ 0 $ 0.00 0 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. View transaction list Journal entry worksheet