Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows.

	Units	Direct Materials	Conversion
		Percent Complete	Percent Complete
Beginning work in process inventory	6,450	100%	40%
Units started this period	46,440
Units completed and transferred out	47,730
Ending work in process inventory	5,160	100%	80%

Beginning work in process inventory
Direct materials	$ 42,570
Conversion	477,171	$ 519,741
Costs added this period
Direct materials	1,068,120
Conversion	4,656,771	5,724,891
Total costs to account for		$ 6,244,632

Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming departments production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.