Question

Required information {The following information applies to the questions displayed below) 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 24,000 units of product to finished goods inventory. Its 5.500 units of beginning work in process consisted of $17.400 of direct materials and 5334440 of conversion costs. It has 3,650 units (100% complete with respect to direct materials and BOX complete with respect to conversion) in process at month-end. During the month $646.200 of direct material costs and $2,088,360 of conversion costs were charged to production 1. Prepare the company's process cost Summary for May using the weighted average method. Total costs to account for s a l T Total costs to account for o accounted for Difference due to rounding costunit Unit reconciliation: Units to account for: S o Total units to account for Total units accounted for REST Total units accounted for Equivalent units of production (EUP)-weighted average method Unit B OP Materials Materials conversion Conversion N Total unitaRO Cost por equivalent unit of production SOREDES Conversion Materials Collie Costs EUPL E EUP cost per Total cost Total - Equivalent units of production Cost per equivalent unit of production Total costs accounted for Cost of units transferred out Direct materials Conversion Total costs andered out Costs of ending work in process Direct maneras Conversion Total cost of ending work in proces Total cost counted for Cost per EUP $ $ 0.00 0.00

Answer 1

• Requirement, as asked

Total Cost to account for:
Cost of beginning WIP	$                    351,840.00
Costs incurred this period	$                2,734,560.00
Total Cost to account for	$                3,086,400.00
Total costs accounted for	$                3,086,400.00
Difference due to rounding cost/unit	$                                      -
Units Reconciliation
Units to account for:
Beginning WIP	5,500
Units started this period	22,150
Total Units to account for	27,650
Total Units accounted for:
Completed & Transferred out	24,000
Ending WIP	3,650
Total Units accounted for	27,650

EUP - Weighted Average Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units TRANSFERRED	24,000	100%	24,000	100%	24,000
Units of ENDING WIP	3,650	100%	3,650	80%	2,920
Equivalent Units of Production			27,650		26,920
COST per EUP			Material		Conversion
Cost of Beginning WIP			$          17,400.00		$                                334,440.00
Cost incurred during the period			$        646,200.00		$                            2,088,360.00
Total Costs		Costs	$        663,600.00	Costs	$                            2,422,800.00
Equivalent units of production		EUP	27,650	EUP	26,920
Cost per EUP			$            24.00000		$                                   90.00000

TOTAL COST ACCOUNTED FOR
Cost of Units Transferred Out	EUP	Cost per EUP	Total Cost
- Direct Materials	24,000	$                    24.00	$        576,000.00
- Conversion	24,000	$                    90.00	$    2,160,000.00
Total Cost transferred Out				$        2,736,000.00
Cost of ending WIP	EUP	Cost per EUP	Total Cost
- Direct Materials	3,650	$                    24.00	$          87,600.00
- Conversion	2,920	$                    90.00	$        262,800.00
Total cost of ending WIP				$            350,400.00
Total costs accounted for					$                            3,086,400.00