Reference no: EM132649187
Question - 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 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.
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