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 29,200 units of product to finished goods inventory. Its 4,400 units of beginning work in process consisted of $21,200 of direct materials and $284,940 of conversion costs. It has 3,100 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $592,500 of direct material costs and $2,788,020 of conversion costs were charged to production

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

Equivalent Units of Production (EUP)- FIFO Method EUP- Conversion Units % Materials EUP- Materials % Conversion Equivalent units of production Cost per Equivalent Unit of Production Materials Conversion Total costs Costs Costs Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) Total Costs to Account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Assignment of Costs to Output of Department Cost of 76,000 units from beginning inventory Beginning inventory Cost per EUP EUP Total cost Materials to complete Assignment of Costs to Output of Department Cost of 76,000 units from beginning inventory Beginning inventory Cost per EUP EUP Total cost Materials to complete Conversion to complete Total costs to complete Total cost of 76,000 units in beginning inventory Cost per EUP Cost of units started and completed this period EUP Total cost Direct materials Conversion costs Total cost of 304,000 units started and completed Total cost of 380,000 units transferred out Cost per EUP Costs of units in ending inventory EUP Total cost Direct materials Conversion costs Total cost of 98,000 units in ending inventory Total costs assigned