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.)