Use the following information for the Problems below. Algo
Skip to question
The following information applies to the questions displayed below.
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows.
Units Direct Materials Conversion
Percent Complete Percent Complete
Beginning work in process inventory
Units started this period
Units completed and transferred out
Ending work in process inventory
Beginning work in process inventory
Direct materials $
Conversion $
Costs added this period
Direct materials
Conversion
Total costs to account for $
Problem A Algo FIFO: Production cost report LO C P
Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total
Required:
Prepare the Forming departments production cost report for May using FIFO.
Prepare the May journal entry to transfer the cost of units from forming to Assembly.
