Tamar 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 process inventoryBeginning work in process inventoryDirect materials.ConversionCosts added this periodDirect materialsConversionTotal costsaccount forUnitsRequired 1 Required 26,60047,52048,8405,280Unit reconciliation:Units to account for:$ 43,560488, 2681,092,9604,765,068DirectMaterialsPercentComplete100%100%ConversionPercentComplete40%$ 531,828Complete this question by entering your answers in the tabs below.5,858,028$ 6,389,856Required: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.80%Prepare the Forming department's production cost report for May using the weighted average method.TAMAR COMPANY-Forming DepartmentProduction Cost Report - Weighted Average MethodFor Month Ended May 31

Name: Tamar Company manufactures a single product in two departments: Formi
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Description: Tamar 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 pr

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Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 6,600 100% 40% 47,520 Units completed and transferred out 48,840 Ending work in process inventory 5,280 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 43,560 488,268 $ 531,828 1,092,960 Total costs to account for 4,765,068 5,858,028 $ 6,389,856

Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 6,600 100% 40% 47,520 Units completed and transferred out 48,840 Ending work in process inventory 5,280 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 43,560 488,268 $ 531,828 1,092,960 Total costs to account for 4,765,068 5,858,028 $ 6,389,856

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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