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 UnitsWork-in-process, July 1, 50% complete for conversion costs4,000

Transferred in during July29,000

Completed during July29,000

Work-in-process, July 31, 50% complete for conversion costs4,000

CostsWork-in-process, July 1 (transferred-in costs, $30,000; conversion costs, $32,420)$62,420

Transferred in from assembly department during July184,500

Direct materials added during July65,250

Conversion added during July99,330

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 directmaterials, direct labor, overhead, and finished product for July, assuming that direct labor is 50% of conversion cost.