Question

Required information Problem 20-6AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 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. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning goods in process consisted of $19,800 of direct materials, $123,300 of direct labor, and $98,640 of factory overhead. It has 2,400 units (100% complete with respect to direct materials and 80% complete with respect to direct labor and overhead) in process at month-end. After entries to record direct materials, direct labor, and overhead for May, the company's Goods in Process Inventory account follows Goods in Process Inventory Explanation Acct. No.133 Debit Credit Balance Date May. 1 Balance 241,740 31 Direct materials 31 Direct labor 496,800 1,203,300 738,540 1,941,840 2,904,480 31 Applied overhead 962,640 Beginning goods in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to direct labor and overhead Of the 22,200 units completed, 3,000 were from beginning goods in process. The remaining 19,200 were units started and completed during May Assume that Tamar uses the FIFO method to account for its process costing system 1. Prepare the company's process cost summary for May using the FIFO method (Round "Cost per EUP" to 2 decimal places.) 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: 0 0 Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- FIFO method Units % Materials EUP-Materials % Labor EUP-Labor % Overhead EUP-Overhead 0 Total units Cost per equivalent unit of production Materials Labor Overhead Total costs Equivalent units of production EUP 0 EUP 0 EUP Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total costs accounted for: Beginning Inventory Cost: Cost to complete beginning inventory Cost per EUP EUP Total cost Direct materials Direct labor Factory overhead Total cost to complete beginning inventory Total cost of units in beginning inventory Cost per EUP Cost of units started and completed EUP Total cost Direct materials Direct labor Factory overhead 0.00 0.00 Total cost of units started and completed Total cost of units transferred out Cost per EUP Costs of ending goods in process EUP Total cost Direct materials Direct labor Factory overhead 0.00 0.00 0.00 Total cost of ending goods in process Total costs accounted for

Answer 1

Tolal cost s to account fo:: 4 241114o costs in cussed his petod Total costs to account fo. Total costs accounted fox Diffevence due to nounotna cr 2,66 2, 74o 290,y8o a ,a 4,48 Unfts to account fo 3,000 Untts started ths petod Total UnftS to account fos Total Units accounted for a u ,b00 completedl and translewed out- Otal Unfts accounted for »c1,6oD

Equ'valent psodu나to nl Eup)-Fifo units Of method. CUP maesials Mtest Conver Unlts aisSohion Convensaor 60/. 800 entor-unfs thts petod Ending oorein ptoex-uㄺ化slauco | Total Unts co st pes eautvalent Unit of 'coヅ.lau oo! d1600 mate- 80% l '920 Qub to 2290 4446 80 216 sa4O 216 sauO Total costs Co8es 4468 22920 Equivalent units 0f poo nded to i) 2.300 au,So Tota costs accounted Po e atnning Inventoru cost: ostpeTotal eo st to complee benEu Convnt on nventor 0 Complered Cost

Conven: on Total cost of unts Stoted com plered 19200 $au.So q l,814,yco $2,256, tvansferreol out $ 2,6 67,8uo in proces Drect motefa ls conveSi On COSE un化 a4uo$2300 SS,2co Total cost of endng 236,640 480 Tokalcosts account« CamScanner