Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 23,200 units of product to finished goods inventory. Its 3,200 units of beginning work in process consisted of $20,000 of direct materials and $230,940 of conversion costs. It has 2,500 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $519,700 of direct material costs and $2,062,260 of conversion costs were charged to production.
Required information 1. Prepare the company’s process cost summary for May using the weighted-average method. Prepare the companys process cost summary for May using the weighted-average method Total Costs to account for: Costs of beggining goods in proces ______ Costs incurred this period _______ Untit Reconciliation: Units to account for : Beggining goods in process inventory (units) ______ Units Started this period _______ Total units accounted for: Units Completed and transferred out _______ Ending goods in process units ______ Equivalent units of production: Beggining goods in process inventory units ___ , % materials___,% labor ___, % Overhead___ total units to account for units ___, %materials___, %labor ____ EUP: materials___, labor___, Overhead___ Costs of units transferred out: Direct Materials, direct labor, factory overhead (EUP___) (Cost per EUP) Costs of ending goods in process Direct Materials (EUP___) , Direct Labor (EUP__), Factory overhead (EUP__) total costs of ending goods in process ___ total costs accounted for _____