Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows.

Direct

Material Completion with Respect to Conversion Direct Material(Equ Units) Conversion

Work in process, May1$ 30,000 39%

Units started during May45,000

Total units to account for75,000

Units completed and transferred out during May42,000 42000 42000

Work in process, May 31 33,000 68% 33,000 22,440

Total units accounted for75,000

Direct Material Conversion Total

Work In process May 1 127300 567600 694900

Cost Incurred during may 236450 2515854 2752304

total cost to account for $363750 $3083454 $ 3447204

Prepae a journal entry to record the transfer of the cost of goods completed and transferred out during May.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)