Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory Units started this period 4,500 100% 40% 32,400 Units completed and transferred out 33,300 Ending work in process inventory 3,600 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 29,700 332,910 $ 362,610 745,200 3,248,910 3,994,110 Total costs to account for $ 4,356,720 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Forming department's production cost report for May using the weighted average method. TAMAR COMPANY-Forming Department Production Cost Report-Weighted Average Method Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Total costs +Equivalent units of production Cost per equivalent unit of production For Month Ended May 31 Direct Materials Conversion Units % Complete EUP Complete EUP Costs EUP Materials Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Costs EUP Conversion
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory Units started this period 4,500 100% 40% 32,400 Units completed and transferred out 33,300 Ending work in process inventory 3,600 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 29,700 332,910 $ 362,610 745,200 3,248,910 3,994,110 Total costs to account for $ 4,356,720 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Forming department's production cost report for May using the weighted average method. TAMAR COMPANY-Forming Department Production Cost Report-Weighted Average Method Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Total costs +Equivalent units of production Cost per equivalent unit of production For Month Ended May 31 Direct Materials Conversion Units % Complete EUP Complete EUP Costs EUP Materials Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Costs EUP Conversion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Topic Video
Question
Transcribed Image Text:Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming
process for May follows.
Direct
Materials Conversion
Percent
Percent
Units
Complete Complete
Beginning work in process inventory
Units started this period
4,500
100%
40%
32,400
Units completed and transferred out
33,300
Ending work in process inventory
3,600
100%
80%
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
$ 29,700
332,910
$ 362,610
745,200
3,248,910
3,994,110
Total costs to account for
$ 4,356,720
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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare the Forming department's production cost report for May using the weighted average method.
TAMAR COMPANY-Forming Department
Production Cost Report-Weighted Average Method
Unit reconciliation:
Units to account for:
Total units to account for
Units accounted for:
Total units accounted for
Equivalent units of production (EUP)
Equivalent Units of Production
Cost per equivalent unit of production
Total costs
+Equivalent units of production
Cost per equivalent unit of production
For Month Ended May 31
Direct Materials
Conversion
Units
% Complete
EUP
Complete
EUP
Costs
EUP
Materials
Cost Assignment
Completed and transferred out
EUP
Cost per
EUP
Total cost
Direct materials
Conversion
Ending work in process
Direct materials
Conversion
Total costs accounted for
Costs
EUP
Conversion
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education