Use the following information for the Problems below. (Algo) Skip question [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 4,650 100 % 40 % Units started this period 33,480 Units completed and transferred out 34,410 Ending work in process inventory 3, 720 100 % 80% Beginning work in process inventory Direct materials $ 30,690 Conversion 344,007 S 374,697 Costs added this period Direct materials 770,040 Conversion 3, 357, 207 4,127,247 Total costs to account for $ 4,501,944 Problem 16-3A (Algo) Weighted average: Production cost report LO P2, P4 Required: Prepare the Forming department's production cost report for May using the weighted average method. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly.
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.
![Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Tamar Company
manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent
Complete Percent Complete Beginning work in process inventory 4,650 100 % 40% Units started this period 33,480 Units completed and transferred out 34,410 Ending
work in process inventory 3, 720 100 % 80% Beginning work in process inventory Direct materials $ 30,690 Conversion 344,007 S 374, 697 Costs added this period Direct
materials 770,040 Conversion 3,357, 207 4,127,247 Total costs to account for $ 4,501, 944 Problem 16-3A (Algo) Weighted average: Production cost report LO P2, P4
Required: Prepare the Forming department's production cost report for May using the weighted average method. Prepare the May 31 journal entry to transfer the cost of
units from Forming to Assembly.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2e44b18-4e15-45d0-a73f-6a5f29054452%2F21f8ec81-f318-4115-a201-46859b4b422a%2F6e4nzqk_processed.jpeg&w=3840&q=75)
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