es Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 4,050 29,160 29,970 3,240 $ 26,730 299,619 670,680 2,924,019 Direct Materials Percent Complete 100% 100% $326,349 Conversion Percent Complete 40% 3,594,699 $ 3,921,048 80% Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.

es Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 4,050 29,160 29,970 3,240 $ 26,730 299,619 670,680 2,924,019 Direct Materials Percent Complete 100% 100% $326,349 Conversion Percent Complete 40% 3,594,699 $ 3,921,048 80% Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.

Name: esTamar Company manufactures a single product in two departments: For
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Description: esTamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Formingprocess for May follows.Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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