Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory. Direct materials Conversion Costs added this period Direct materials. Conversion Total costs to account for Units 3,300 23,760 24,420 2,640 $ 21,780 244, 134 546,480 2,382,534 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 265,914 2,929,014 $ 3,194,928 80% 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 department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly. Unit reconciliation: Units to account for: Beginning work in process Units started this period Total units to account for Units accounted for: Ending work in process Units started and completed Units started and completed Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production TAMAR COMPANY-Forming Department Production Cost Report - FIFO Method For Month Ended May 31 265,914 2,929,014 3,194,928 264,528 2,930,400 Units Direct Materials % Added EUP EUP 0 Direct Materials 0 0 Conversion % Added EUP EUP Conversion 0 0 Cost Assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP EUP EUP Cost per EUP Cost per EUP $ 0.00 Cost per EUP $ $ $ $ 0.00 $ 0.00 Total cost Total cost Total cost 0 0 0 0 Journal entry worksheet < 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 Record entry General Journal Clear entry Debit Credit View general journal >