Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 19,900 units and transferred 21,500 units of product to the Assembly department. Its 5,000 units of beginning work in process consisted of $21,800 of direct materials and $311,940 of conversion costs. It has 3,400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $451,300 of direct materials costs and $2,085,840 of conversion costs were charged to the Forming department 1. Prepare the Forming department's process cost summary for May using the weighted average method. Total costs to account for: $ 0 Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: $ 0 Total units to account for Total units accounted for: Total units accounted for 3 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 19,900 units and transferred 21.500 units of product to the Assembly department. Its 5,000 units of beginning work in process consisted of $21,800 of direct materials and $311,940 of conversion costs. It has 3,400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month $451,300 of direct materials costs and $2,085,840 of conversion costs were charged to the Forming department 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits General Journal Debit Credit Date May 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Foundations And Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

7th Edition

0324560559, 978-0324560558

More Books

Students also viewed these Accounting questions

Question

List the activities involved in employer-designed HRD programs

Answered: 1 week ago