Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 23,500 units of product to finished goods inventory. Its 5,400 units of beginning work in process consisted of $17,300 of direct materials and $329,940 of conversion costs. It has 3,600 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $497,600 of direct material costs and $2,519,100 of conversion costs were charged to production. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)

May 31, 202x, 23,500 units completed and transferred out

Dr Finished goods inventory 2,984,500

    Cr Work in process 2,984,500

Explanation:

beginning WIP 5,400 units

materials $17,300

conversion $329,940

ending WIP 3,600 units

materials 100% complete

conversion 80% complete (2,880 EU)

units completed and transferred out 23,500

units started and completed 18,100

costs added during the period

materials $497,600

conversion $2,519,100

total costs

materials $514,900

conversion $2,849,040

total EU

materials 18,100 + 5,400 + 3,600 = 27,100

conversion 18,100 + 5,400 + 2,880 = 26,380

cost per EU

materials $514,900 / 27,100 = $19

conversion $2,849,040 / 26,380 = $108

total = $127

costs assigned to finished units = $127 x 23,500 = $2,984,500

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