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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 i 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 6,450 46,440 47,730 5,160 $ 42,570 477,171 1,068,120 4,656,771 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 519,741 5,724,891 $ 6,244,632 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.

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 i 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 6,450 46,440 47,730 5,160 $ 42,570 477,171 1,068,120 4,656,771 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 519,741 5,724,891 $ 6,244,632 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 i 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 6,450 46,440 47,730 5,160 $ 42,570 477,171 1,068,120 4,656,771 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 519,741 5,724,891 $ 6,244,632 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.
Transcribed Image Text: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 i 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 6,450 46,440 47,730 5,160 $ 42,570 477,171 1,068,120 4,656,771 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 519,741 5,724,891 $ 6,244,632 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.
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