Tamar co manufactures a single product in one department

Reference no: EM13587365

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			Acct. No.133
Date	Explanation	Debit	Credit	Balance
May. 1	Balance			241,740
31	Direct materials	496,800		738,540
31	Direct labor	1,203,300		1,941,840
31	Applied overhead	962,640		2,904,480
Prepare the company's process cost summary for May using the weighted-average method Total Costs to account for: Costs of beggining goods in proces ______ Costs incurred this period _______ Untit Reconciliation: Units to account for : Beggining goods in process inventory (units) ______ Units Started this period _______ Total units accounted for: Units Completed and transferred out _______ Ending goods in process units ______ Equivalent units of production: Beggining goods in process inventory units ___ , % materials___,% labor ___, % Overhead___ total units to account for units ___, %materials___, %labor ____ EUP: materials___, labor___, Overhead___ Costs of units transferred out: Direct Materials, direct labor, factory overhead (EUP___) (Cost per EUP) Costs of ending goods in process Direct Materials (EUP___) , Direct Labor (EUP__), Factory overhead (EUP__) total costs of ending goods in process ___ total costs accounted for _____

Record the transfer of goods to finished goods inventory.

Reference no: EM13587365

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