Required information Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 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 33,200 units of product to finished goods inventory. Its 5,200 units of beginning work in process consisted of $113,790 of direct materials and $1,057,888 of conversion costs. It has 3.500 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $756,000 of direct material costs and $3,514,112 of conversion costs were charged to production Beginning work in process consisted of 5,200 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion . Of the 33,200 units completed, 5,200 were from beginning work in process. The remaining 28,000 were units started and completed during May Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5A Part 1 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.) and completed during May. CIL HU Dey Work in process. The remaining 28,000 were units started Assume that Tamar uses the FIFO method to account for its process costing system. Problem 16-5A Part 1 1. Prepare the company's process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- FIFO method Ilnite Materiale FLIR. Materiale con - Required information UMTS O UIT SI EL Total units Cost per equivalent unit of production I Materials 1 mlol 8135 15 Costs EUP 0 lel Cost per EUP Total cost Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for Beginning Inventory Cost: Cost to complete beginning inventory EUP Direct materials Conversion Total cost to complete beginning inventory Total cost of units in beginning inventory Cost of units started and completed EUP Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Cost per EUP Total cost EUP Cost per EUP Total cost Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for 0.00 0.00 Problem 16-5A Part 2 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. View transaction list Journal entry worksheet Record the transfer of goods to finished goods inventory Note: Enter debits before credits. General Journal Debit Credit Date May 31 View general Journal Clear entry Record entry
