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. Production Report For the Month of May Physical Units Percentage of Completion with Respect to Conversion 41% Equivalent Units Direct Material Conversion 35,000 Work in process, May 1 Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 Total units accounted for 52,000 87,000 52,000 35,000 52,000 35,000 52,000 24,850 71% 87,000 Work in process, May 1 Costs incurred during May Total costs to account for Direct Material $132,300 311,400 $443,700 Conversion $ 575, 100 3,159,810 $3,734,910 Total $ 707,400 3,471, 210 $4,178,610 2. Prepare 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.) Required information Journal entry worksheet