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 23,500 units of product to finished goods inventory. Its 5.400 units of beginning work in process consisted of $17,300 of direct materials and $329,940 of conversion costs. It has 3,600 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $497,600 of direct material costs and $2,519,100 of conversion costs were charged to production Prepare the company's process cost summary for May using the weighted average method Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)-weighted average method % EUP % Units EUP. Materials Materials Conversion Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Cost per Total cost EUP EUP Total costs - Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per Total cost EUP EUP

Answer 1

1)

Total costs to account for:
Cost of beginning work in process (17300+329940)	$347240
Cost incurred this period (497600+2519100)	3016700
Total costs to account for:	$3363940
Total costs accounted for	3363940
Difference due to rounding cost/unit	$0.00
Unit reconciliation:
Units to account for:
Beginning work in process- units	5400
Units started this period (27100-5400)	21700
Total units to account for	27100
Total units accounted for:
Units completed and transferred	23500
Ending work in process- units	3600
Total units accounted for	27100
Equivalent units of production (EUP)- weighted average method
	Units	% Materials	EUP- Materials	% Conversion	EUP- Conversion
Units completed and transferred	23500	100%	23500	100%	23500
Ending work in process- units	3600	100%	3600	80%	(3600*80%)= 2880
Total units	27100		27100		26380
Cost per equivalent unit of production			Materials		Conversion
Cost of beginning work in process			$17300		$329940
Cost incurred this period			497600		2519100
Total costs		Costs	$514900	Costs	$2849040
/ Equivalent units of production		EUP	27100	EUP	26380
Cost per equivalent unit of production			$19.00		$108.00
Total costs accounted for:
Cost of units transferred out:	EUP	Cost per EUP	Total cost
Direct materials	23500	$19.00	$446500
Conversion	23500	$108.00	2538000
Total costs transferred out				$2984500
Costs of ending work in process	EUP	Cost per EUP	Total cost
Direct materials	3600	$19.00	68400
Conversion	2880	$108.00	311040
Total cost of ending work in process				379440
Total costs accounted for				$3363940

NOTE:- For any problem regarding the answer please ask in the comment section.