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	5,550	100%	40%
Units started this period	39,960
Units completed and transferred out	41,070
Ending work in process inventory	4,440	100%	80%

Beginning work in process inventory
Direct materials	$ 36,630
Conversion	410,589	$ 447,219
Costs added this period
Direct materials	919,080
Conversion	4,006,989	4,926,069
Total costs to account for		$ 5,373,288

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.

Production Cost Report - FIFO Method For Month Ended May 31 Unit reconciliation: \begin{tabular}{|l|r|} \hline Units to account for: & \\ \hline Beginning work in process & 5,550 \\ \hline Units started this period & 39,960 \\ \hline Total units to account for & 45,510 \\ \hline Units accounted for: & \\ \hline Units started and completed & 19,200 \\ \hline Ending work in process & 4,440 \\ \hline Beginning work in process & 5,550 \\ \hline Total units accounted for & 29,190 \\ \hline \end{tabular} Equivalent units of production (EUP) Equivalent units of production (EUP) Record the transfer of goods to next department. Note: Enter debits before credits