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 Forming process for May follows. Beginning work in process inventory Units started this period 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 3,000 21,600 22,200 2,400 $ 19,800 221,940 496,800 2,165,940 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 241,740 2,662,740 $ 2,904,480 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.
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 Forming process for May follows. Beginning work in process inventory Units started this period 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 3,000 21,600 22,200 2,400 $ 19,800 221,940 496,800 2,165,940 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 241,740 2,662,740 $ 2,904,480 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.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 3E: The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the...
Related questions
Question
Transcribed Image Text:Unit reconciliation:
Units to account for:
Beginning work in process
Units started this period
Total units to account for
Units accounted for:
Beginning work in process
Units started and completed
Ending work in process
Total units accounted for
Equivalent units of production (EUP)
Beginning work in process
Units started and completed this period
Ending work in process
Equivalent Units of Production
Cost per equivalent unit of production
Costs added this period
+ Equivalent units of production
Cost per equivalent unit of production
Cost Assignment
Beginning work in process
To complete beginning work in process
Direct materials
TAMAR COMPANY-Forming Department
Production Cost Report - FIFO Method
For Month Ended May 31
33
333
333
3,000✔
21,600✔
24,600
3,000✔
19,200✔
2,400✔
24,600
Units
3,000✔
19,200 →
2,400✔
22,200
EUP
Direct Materials
% Added
0%✔
100% ✔
100% ✔
EUP
Cost per
EUP
0 $ 23.00
$
$
$
EUP
0
19,200
2,400
21,600
Direct
Materials
23 X
21,600
0.00
Total cost
0
Conversion
% Added
60% ✔
100% ✔
80%✔
EUP
$ 241,740✔
$
EUP
Conversion
$
1,800
19,200
1,920
22.920
52 X
22.920
0.00
![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 Forming
process for May follows.
Beginning work in process inventory
Units started this period
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
Required 1
Required information
your answers rounded to the nearest whole dollars.)
Required 2
View transaction list
Complete this question by entering your answers in the tabs below.
Journal entry worksheet
1
Record the transfer of goods to next department.
Note: Enter debits before credits.
Date
May 31
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.
Record entry
Units
General Journal
3,000
21,600
22,200
2,400
Clear entry
$ 19,800
221,940
496,800
2,165,940
Direct
Materials
Percent
Complete
100%
< Required 1
100%
Debit
Conversion
Percent
Complete
40%
$ 241,740
2,662,740
$ 2,904,480
Credit
80%
View general journal
Required 2 >
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb3995f9f-fece-4aba-9bec-7f0200bb676d%2F46f37e0d-8aea-4eef-b645-4c2a582e9a15%2Fyrj49cp_processed.png&w=3840&q=75)
Transcribed Image Text: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 Forming
process for May follows.
Beginning work in process inventory
Units started this period
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
Required 1
Required information
your answers rounded to the nearest whole dollars.)
Required 2
View transaction list
Complete this question by entering your answers in the tabs below.
Journal entry worksheet
1
Record the transfer of goods to next department.
Note: Enter debits before credits.
Date
May 31
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.
Record entry
Units
General Journal
3,000
21,600
22,200
2,400
Clear entry
$ 19,800
221,940
496,800
2,165,940
Direct
Materials
Percent
Complete
100%
< Required 1
100%
Debit
Conversion
Percent
Complete
40%
$ 241,740
2,662,740
$ 2,904,480
Credit
80%
View general journal
Required 2 >
>
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
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
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning