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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 24,700 units of product to finished goods inventory. Its 3,500 units of beginning work in process consisted of $20,300 of direct materials and $244,440 of conversion costs. It has 2,650 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $636,100 of direct material costs and $2,276,640 of conversion costs were charged to production.

1. Prepare the company’s process cost summary for May using the weighted-average method.

question of the pic is down below

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Seved Total costs to account for: 9 $ 0 Total costs to account for Total costs accounted for Difference due to rounding costunit Unit reconciliation Units to account for: $ 0 art102 Ints Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)-weighted average method Units Materials EUP. Materials Conversion EUP. Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs - Equivalent units of production Cost per equivalent unit of production Total costs accounted for Costs EUP Costs EUP 0 EUP Cost per EUP Total cost Cost of units transferred out Direct materials Conversion Total costs wansferred out Costs of ending work in process Dired materials Conversion Total cost of ending work in process EUP Cost per Total cost $ EUP 0.00 $ 0.00 0 0 $

Answer 1

Cost charged to production:
Cost of beginning WIP	264740
Cost incurred this period	2912740
Total cost to account fo	3177480
Total cost accounted for	3177480
Difference		0
UNITS TO ACCOUNT FOR:
Beginning Work in Process units			3,500
Add: Units Started in Process			23,850
Total Units to account for:			27,350
UNITS TO BE ACCOUNTED FOR:
Units completed and transferred out		24,700
Ending Work in Process			2,650
Total Units to be accounted for:		27,350
Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed and transferred out	24700	100%	24,700	100%	24,700
Ending Work in Process	2650	100%	2,650	80%	2,120
Total Equivalent units	27350		27,350		26,820
Cost per EUP
				Material		Conversion
Cost of beginning WIP		20300		2,44,440
Cost added For May			6,36,100		22,76,640
Total Cost to account for:		6,56,400		25,21,080
Equivalent Units			27,350		26,820
Cost per Equivalent unit		24		94
TOTAL COST ACCOUNTED FOR:
Units completed and transferred out(24700 units)
				Equivalent unit	Cost per EU	Total Cost
Material				24,700	24	592800
Conversion Cost			24,700	94	2321800
Total cost of units transferred out						2914600
Ending Work in process (2650 units)
				Equivalent unit	Cost per EU	Total Cost
Material				2,650	24	63600
Conversison Cost			2,120	94	199280
Total cost of Ending Work in process:			2,62,880
Total cost accounted for				31,77,480