The following information applies to the questions displayed below.$]$Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. UnitsDirect MaterialsConversionPercent CompletePercent CompleteBeginning work in process inventory$4,650100\%40\%$Units started this period$33,480$ Units completed and transferred out$34,410$ Ending work in process inventory$3,720100\%80\%$Beginning work in process inventory Direct materials$ $30,690$ Conversion$344,007$$ $374,697$Costs added this period Direct materials$770,040$ Conversion$3,357,2074,127,247$Total costs to account for $ $4,501,944$Required:Prepare the Forming departments production cost report for May using the weighted average method.Prepare the May $31$ journal entry to transfer the cost of units from Forming to Assembly.