Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory Units started this period 5,700 100% 40% 41,040 Units completed and transferred out 42,180 Ending work in process inventory 4,560 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 37,620 421,686 943,920 4,115,286 $ 459,306 5,059,206 $ 5,518,512 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.