Required information [The following information applies to the questions displayed below.] 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 3,000 21,600 22,200 2,400 $ 19,800 221,940 496,800 2,165,940 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 241,740 2,662,740 $ 2,904,480 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.

Required information [The following information applies to the questions displayed below.] 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 3,000 21,600 22,200 2,400 $ 19,800 221,940 496,800 2,165,940 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 241,740 2,662,740 $ 2,904,480 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.

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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! Required information [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Beginning work in process inventory Units started this period 4,350 Percent Percent Complete Complete 100% 40% 31,320 Units completed and transferred out 32,190 Ending work in process inventory 3,480 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials $ 28,710 321,813 $ 350,523 Conversion 720,360 3,140,613 3,860,973 Total costs to account for $ 4,211,496 Required: 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly.
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Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,900 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units 2,500 60% Percent Complete for Direct Materials Percent Complete for Conversion 40% 10,900 Units completed and transferred out Ending work in process inventory 9,500 3,900 80% 30% Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion $ 944 533 $ 1,477 11,676 15,472 27,148 QS 16-17A (Algo) FIFO: Journal entry to transfer costs LO P4 Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the…
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