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.

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. Work-in-process, July 1, 50% complete for conversion costs Transferred in during July Completed during July Work-in-process, July 31, 50% complete for conversion costs Number of Units 5,000 28,000 25,000 8,000 Work-in-process, July 1 (transferred-in costs, $30,000; conversion costs, $31,500) Transferred in from assembly department during July Direct materials added during July Conversion added during July Total to account for Costs $ 61,500 217,500 81,250 106,250 $ 466,500 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