Test 2 Chapters 16 17 18 (03232020) revised (page 1 of 6) ZO Q Search ECB 118: Principles of Accounting 2 - Test on Chapters 16, 17, & 18 Due on 03182020 3. Complete the EUP Process Cost Report problem using the attached form. (25 Points) a. Complete the form. b. Prepare the Journal Entry to transfer the completed goods to finished goods inventory. EIFO Temar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 23,000 units of product to finished goods Inventory. Its 5,300 units of beginning work in process consisted of $17,200 of direct materials and $325,440 of conversion costs. It has 3,550 units (100% complete with respect to direct materials and 80% complete with respect to conversion in process at month-end. During the month, $460,700 of direct material costs and $2.465,280 of conversion costs were charged to production. Units Started were 21,250. The beginning units were complete with regards to conversion costs. . Prepare the FIFO Process Cost Report Prepare the Journal Entry to transfor the completed goods to finished goods. Test 2 Chapters 16 17 18 (03232020) revised (page 2 of 6) Q Search Principles of Accounting 2: Chapter 16 Process Costing EUP FIFO Process Cost Report: FIFO Method Physical Units Beginning inventory Units started this period Equivalent Units Direct Materials % Conversion Costs % Units to be accounted for Beginning inventory Units started and completed Ending inventory Units accounted for Total Costs Direct Materials Conversion Costs Beginning inventory Current costs Total costs Current costs Equivalent units Cost per equivalent unit Cost of goods manufactured and transferred out: From beginning inventory Current costs to complete Cost of units started and completed Cost of goods manufactured Ending inventory Total costs