Reference no: EM132649363

Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows.

                                        Direct Material Completion with Respect to Conversion          Direct Material(Equ Units) Conversion

Work in process, May 1                          $ 30,000                                                                  39%

Units started during May                                      45,000

Total units to account for 75,000

Units completed and transferred out during May         42,000                 42000                                 42000

Work in process, May 31                                    33,000 68%             33,000                                   22,440

Total units accounted for                                         75,000

                                                    Direct Material                 Conversion                  Total

Work In process May 1               127300                      567600                   694900

Cost Incurred during may            236450                     2515854                   2752304

total cost to account for             $363750                  $3083454                 $ 3447204

Problem 1: Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)