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					Equivalent Units
										Direct Material		Conversion
Work in process, May 1		34,000				41	%
Units started during May		51,000
Total units to account for		85,000
Units completed and transferred out during May		50,000								50,000		50,000
Work in process, May 31		35,000				70	%			35,000		24,500
Total units accounted for		85,000

	Direct Material				Conversion					Total
Work in process, May 1	$	131,300				$	573,600				$	704,900
Costs incurred during May		297,950					3,035,925					3,333,875
Total costs to account for	$	429,250				$	3,609,525				$	4,038,775

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.)

Journal entry worksheet

• Record the transfer of cost of goods completed and transferred out.

• Note: Enter debits before credits.

  Transaction	General Journal	Debit	Credit
  1