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 24,750 units and transferred 25,700 units of product to the Assembly department. Its 3,700 units of beginning work in process consisted of $20,500 of direct materials and $253,440 of conversion costs. It has 2,750 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $520,050 of direct materials costs and $2,424,960 of conversion costs were charged to the Forming department. 2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly. (Do not round intermediate calculations. Round our final answers to the nearest whole dollar.) View transaction list No 1 Date May 31 View journal entry worksheet General Journal Work in process inventory-Assembly Work in process inventory-Forming Debit Credit
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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 24,750 units and transferred 25,700 units of product to the Assembly department. Its 3,700 units of
beginning work in process consisted of $20,500 of direct materials and $253,440 of conversion costs. It has 2,750 units
(100% complete with respect to direct materials and 80 % complete with respect to conversion) in process at month-end.
During the month, $520,050 of direct materials costs and $2,424,960 of conversion costs were charged to the Forming
department.
2. Prepare the journal entry dated May 31 to transfer the cost of units to Assembly. (Do not round intermediate calculations. Round
your final answers to the nearest whole dollar.)
View transaction list
No
1
Date
May 31
View journal entry worksheet
General Journal
Work in process inventory-Assembly
Work in process inventory-Forming
Debit
Credit
ing
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