Will give a good review THank you!

Required information [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 19,450 units and transferred 21,000 units of product to the Assembly department. Its 4,900 units of beginning work in process consisted of $21,700 of direct materials and $307,440 of conversion costs. It has 3,350 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $416,600 of direct materials costs and $1,823,760 of conversion costs were charged to the Forming department 1. Prepare the Forming department's process cost summary for May using the weighted average method. Total costs to account for: $ 329, 140 2,240,360 $ 2,569,500 Costs of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: F 2,569,500 0 Units to account for: Beginning work in process inventory - units 4,900 19,450 Units started this period Total units to account for FI 24,350 Total units accounted for: Units completed and transferred out Ending work in process - units 21,000 3,350 24,350 Total units accounted for F Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP- Conversion 100% 21,000 21,000 21,000 3,350 100% 80% 100% 3,350 2,680 24,350 24,350 23,680 Materials Conversion Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Costs of beginning work in process Costs incurred this period Total costs + Equivalent units of production Cost per equivalent unit of production $ $ 307,440 1,823,760 21,700 416,600 438,300 24,350 Costs $ Costs $ 2,131,200 EUP EUP 23,680 $ 18.00 90.00 Total costs accounted for: Cost of units transferred out: Direct materials EUP Cost per EUP Total cost 21,000 $ 18.00$ 378,000 21,000 $ 90.00 1,890,000 Conversion Total costs transferred out $ 2,268,000 Costs of ending work in process EUP Cost per EUP Total cost Direct materials 3,350 $ 18.00 $ 60,300 Conversion 2,680$ 90.00 241,200 Total cost of ending work in process 301,500 F Total costs accounted for $ 2,569,500 F c) Costs Added (increases) to Assembly department: The journal entry made in Q21 to transfer costs OUT of the first department - Forming and into the Assembly department are considered Forming" category costs for purposes of process costing calculations for the second department- ASSEMBLY. Include the amount from your Q21 journal entry in the Assembly Column for the "Forming Costs row in the table below. Use the direct material costs ADDED/Incurred to the first department to calculate BOTH the Packaging costs and Other DM costs added/incurred in the second department-Assembly (use the respective factors. Assembly Forming Cost Category "transferred OUT" Direct Material Costs Direct Material Costs Costs Added/Incurred in WIP-Assembly Forming Costs Factor Assembly Cost (connect) (multiply) Category N/A Q21 JE Forming 378,000 1.20 Packaging 378,000 0.60 Other DM 1,890,000 1.50 Conversion Total Costs Added/Incurred Conversion Costs Note: This is your Check Point. You can text or email the tables above to Teri to insure you are headed in the correct direction. Your T accounts at the beginning of the Project will not be completed yet and therefore will not be verified with work in 1. 2) Accounting for added costs (journal entries and T accounts): Using the information on connect and above complete the following: a) Include May's beginning account balance for WIP-Forming and WIP-Assembly (totals from table in 1b) in the T accounts at the top of the project. b) Raw material requests are made for direct material to the Forming Department, other direct material and Packaging for the Assembly Department. Write the journal entry to record the raw material requested and charged (added/incurred) to BOTH the departments during May. Note - This can be written as one compound journal entry or as three separate journal entries (ge. for each cost category) c) Assume the conversion costs (use amounts from 1c) consists of 45% direct labor and the remainder is factory overhead. There is no indirect labor for Tamar Co. Write the journal entry to record the wages charged (added/incurred) to BOTH departments in May. Required information [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 19,450 units and transferred 21,000 units of product to the Assembly department. Its 4,900 units of beginning work in process consisted of $21,700 of direct materials and $307,440 of conversion costs. It has 3,350 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $416,600 of direct materials costs and $1,823,760 of conversion costs were charged to the Forming department 1. Prepare the Forming department's process cost summary for May using the weighted average method. Total costs to account for: $ 329, 140 2,240,360 $ 2,569,500 Costs of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: F 2,569,500 0 Units to account for: Beginning work in process inventory - units 4,900 19,450 Units started this period Total units to account for FI 24,350 Total units accounted for: Units completed and transferred out Ending work in process - units 21,000 3,350 24,350 Total units accounted for F Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP- Conversion 100% 21,000 21,000 21,000 3,350 100% 80% 100% 3,350 2,680 24,350 24,350 23,680 Materials Conversion Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Costs of beginning work in process Costs incurred this period Total costs + Equivalent units of production Cost per equivalent unit of production $ $ 307,440 1,823,760 21,700 416,600 438,300 24,350 Costs $ Costs $ 2,131,200 EUP EUP 23,680 $ 18.00 90.00 Total costs accounted for: Cost of units transferred out: Direct materials EUP Cost per EUP Total cost 21,000 $ 18.00$ 378,000 21,000 $ 90.00 1,890,000 Conversion Total costs transferred out $ 2,268,000 Costs of ending work in process EUP Cost per EUP Total cost Direct materials 3,350 $ 18.00 $ 60,300 Conversion 2,680$ 90.00 241,200 Total cost of ending work in process 301,500 F Total costs accounted for $ 2,569,500 F c) Costs Added (increases) to Assembly department: The journal entry made in Q21 to transfer costs OUT of the first department - Forming and into the Assembly department are considered Forming" category costs for purposes of process costing calculations for the second department- ASSEMBLY. Include the amount from your Q21 journal entry in the Assembly Column for the "Forming Costs row in the table below. Use the direct material costs ADDED/Incurred to the first department to calculate BOTH the Packaging costs and Other DM costs added/incurred in the second department-Assembly (use the respective factors. Assembly Forming Cost Category "transferred OUT" Direct Material Costs Direct Material Costs Costs Added/Incurred in WIP-Assembly Forming Costs Factor Assembly Cost (connect) (multiply) Category N/A Q21 JE Forming 378,000 1.20 Packaging 378,000 0.60 Other DM 1,890,000 1.50 Conversion Total Costs Added/Incurred Conversion Costs Note: This is your Check Point. You can text or email the tables above to Teri to insure you are headed in the correct direction. Your T accounts at the beginning of the Project will not be completed yet and therefore will not be verified with work in 1. 2) Accounting for added costs (journal entries and T accounts): Using the information on connect and above complete the following: a) Include May's beginning account balance for WIP-Forming and WIP-Assembly (totals from table in 1b) in the T accounts at the top of the project. b) Raw material requests are made for direct material to the Forming Department, other direct material and Packaging for the Assembly Department. Write the journal entry to record the raw material requested and charged (added/incurred) to BOTH the departments during May. Note - This can be written as one compound journal entry or as three separate journal entries (ge. for each cost category) c) Assume the conversion costs (use amounts from 1c) consists of 45% direct labor and the remainder is factory overhead. There is no indirect labor for Tamar Co. Write the journal entry to record the wages charged (added/incurred) to BOTH departments in May