[The following information applies to the questions displayed below.] Tamar 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 23,500 units of product to finished goods inventory. Its 5,400 units of beginning work in process consisted of $17,300 of direct materials and $329,940 of conversion costs. It has 3,600 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $497,600 of direct material costs and $2,519,100 of conversion costs were charged to production.

1. Prepare the companys process cost summary for May using the weighted-average method.

Tamar 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 23,500 units of product to finished goods inventory. Its 5,400 units of beginning work in process consisted of $17,300 of direct materials and $329,940 of conversion costs. It has 3,600 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $497,600 of direct material costs and $2,519,100 of conversion costs were charged to production.

2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)