McCallum Tool Company has two departments, assembly and finishing. The assembly department takes purchased parts and assembles the final product. The finishing department performs testing and adds other materials and packages the product. Direct materials are added at the end of the process in the finishing department. The following summarizes the finishing department's operations for the month of July.

Number of Units

Work-in-process, July 1, 50% complete for conversion costs.......................4000

Transferred in during July............................................................. 28000

Completed during July.................................................................27000

Work-in-process, July 31, 50% complete for conversion costs.....................5000

Costs

Work-in-process, July 1 (transferred-in costs:....................................$50,000;

conversion costs: $30,000)............................................................80000

Transferred in from assembly department during July..............................150000

Direct materials added during July....................................................60000

Conversion added during July.......................................................110000

Total to account for............................................................. $400,000

Required

Calculate each of the following amounts for the finishing department using the weighted-average process costing method:

1. Equivalent units of transferred-in, direct materials, and conversion.

2. Unit costs of transferred-in, direct materials, and conversion.

3. Cost of goods completed and transferred out during July.

4. Cost of work-in-process inventory at July 31.

5. Show the journal entries for materials, labor, overhead, and finished product for July, assuming that labor is 50% of conversion cost.