!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 Formingprocess for May follows.DirectMaterials ConversionUnitsBeginning work in process inventoryUnits started this period4,350Percent PercentComplete Complete100%40%31,320Units completed and transferred out32,190Ending work in process inventory3,480100%80%Beginning work in process inventoryDirect materialsConversionCosts added this periodDirect materials$ 28,710321,813$ 350,523Conversion720,3603,140,6133,860,973Total costs to account for$ 4,211,496Required: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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Description: !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 Formingprocess for May follows.DirectMaterials Conver

The technique of process costing is used to ascertain the total production expenses of a uniform…

Business

Accounting

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 Ending work in process inventory 32,190 3,480 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 28,710 321,813 $350,523 720,360 3,140,613 3,860,973 $ 4,211,496

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 Ending work in process inventory 32,190 3,480 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 28,710 321,813 $350,523 720,360 3,140,613 3,860,973 $ 4,211,496

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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