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 Form 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 5,100 36,720 37,740 4,080 $ 33,660 377,298 844,560 3,682,098 Direct Materials Conversion Percent Percent Complete 1008 100% $ 410,958 4,526,658 $ 4,937,616 Complete 40% 80% ssume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. equired: 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 Form 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 5,100 36,720 37,740 4,080 $ 33,660 377,298 844,560 3,682,098 Direct Materials Conversion Percent Percent Complete 1008 100% $ 410,958 4,526,658 $ 4,937,616 Complete 40% 80% ssume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. equired: 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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