Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assignments: A325 SU22 onlin x Question 4 - Chapter 6 homew X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddl... Chapter 6 homework Saved Help Save & Exit Submit Paused

image text in transcribedimage text in transcribed

Assignments: A325 SU22 onlin x Question 4 - Chapter 6 homew X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddl... Chapter 6 homework Saved Help Save & Exit Submit Paused 4 14.28 points Problem 6-41 (Algo) 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, 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. cBook Number of Completed during July Print Work-in-process, July 1, 50% complete for conversion costs Transferred in during July Work-in-process, July 31, 50% complete for conversion costs Units 2,000 28,000 27,000 3,000 Work-in-process, July 1 (transferred-in costs, $20,000; conversion costs, $31,465) Transferred in from assembly department during July Costs $ 51,465 182,500 60,750 82,535 $ 377,250 References Direct materials added during July Conversion added during July Total to account for 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. Mc Graw Hill < Prev 4 of 5 Next > Check my work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th edition

1118096894, 978-1-11921511, 978-1118096895

More Books

Students also viewed these Accounting questions