Problem 6-41 Weighted-Average Method; Transferred-in Costs [LO 6-2, 6-4, 6-6, 6-7]

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 departments operations for the month of July.

	Number of Units
Work-in-process, July 1, 50% complete for conversion costs		4,000
Transferred in during July		29,000
Completed during July		29,000
Work-in-process, July 31, 50% complete for conversion costs		4,000

	Costs
Work-in-process, July 1 (transferred-in costs, $30,000; conversion costs, $32,420)	$	62,420
Transferred in from assembly department during July		184,500
Direct materials added during July		65,250
Conversion added during July		99,330
Total to account for	$	411,500

Required:

Calculate each of the following amounts for the finishing department using the weighted-average process costing method, and then prepare the requested journal entries.

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

2. Equivalent unit costs for transferred-in costs, 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. Prepare the journal entries for direct materials, direct labor, overhead, and finished product for July, assuming that direct labor is 50% of conversion cost.

Complete this question by entering your answers in the tabs below. Req 1 to 4 Reg 5 1. Equivalent units of transferred-in, direct materials, and conversion. 2. Equivalent unit costs for transferred-in costs, direct materials, and conversion. 3. Cost of goods completed and transferred out during July. 4. Cost of Work-in-Process Inventory at July 31. (Round "WTAVG Cost per EU" answers to 2 decimal places. Round other answer values to the nearest whole dollars.) Show less A 1. Equivalent units: Transferred-in Direct materials Conversion Unit costs Transferred-in Direct materials Conversion Cost of goods completed and transferred out Cost of ending work in process inventory 4. Req 1 to 4 Req 5 > Prepare the journal entries for direct materials, direct labor, overhead, and finished product for July, assuming that direct labor is 50% of conversion cost. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Prepare the journal entries for direct materials, direct labor, overhead, and finished product for July, assuming that direct labor is 50% of conversion cost. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet