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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

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 33,200 units of product to direct materials and $1,057,888 of conversion costs. It has 3,500 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $756,000 of direct material costs and $3,514,112 of conversion costs were charged to production.

Beginning work in process consisted of 5,200 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.

Of the 33, 200 units completed, 5,200 were from beginning work in process. The remaining 28,000 were units started and completed during May.

Assume that Tamar uses the FIFO method to account for its process costing system.

Prepare the companys 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

Costs incurred this period

Total costs to account for:

Total costs accounted for

Difference due to rounding cost/unit

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

Units

% Materials

EUP- Materials

% Conversion

EUP-Conversion

Beginning work in process inventory-units

Units started and completed this period

Ending work in process-units

Total units

Cost per equivalent unit of production

Materials

Conversion

Cost incurred this period

Total costs

Costs

Costs

/ Equivalent units of production

EUP

EUP

Costs per equivalent unit of production(rounded 2 decimals)

Total costs accounted for:

Beginning Inventory Cost:

Cost to completed beginning inventory

EUP

Cost per EUP

Total Cost

Direct materials

Conversion

Total cost to complete beginning inventory

Total cost of units in beginning inventory

Cost of units started and completed

EUP

Cost per EUP

Total Cost

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

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