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Use the following information for the Problems below. (Algo) Skip to question [The...

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Accounting

Use the following information for the Problems below. (Algo)
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[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 3,900100%40%
Units started this period 28,080
Units completed and transferred out 28,860
Ending work in process inventory 3,120100%80%
Beginning work in process inventory
Direct materials $ 25,740
Conversion 288,522 $ 314,262
Costs added this period
Direct materials 645,840
Conversion 2,815,7223,461,562
Total costs to account for $ 3,775,824
Problem 3-4A (Algo) FIFO: Production cost report LO C2, P4
Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200.
Required:
Prepare the Forming departments production cost report for May using FIFO.
Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
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