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. 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 4,000 28,000 27,000 5,000 Costs Work-in-process, July 1 (transferred-in costs, $50,000; conversion costs, $30, 125) Transferred in from assembly department during July Direct materials added during July Conversion added during July Total to account for $ 80, 125 150,000 60,750 110,000 $400,875 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 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. Reg 1 to 4 Req5 1. Equivalent units of transferred-in, direct materials, and conversion. 2. Equivalent unit costs for transferred-in costs, direct materials, and conversion. (Round your answers to 2 decimal places.) 3. Cost of goods completed and transferred out during July. 4. Cost of Work-in-Process Inventory at July 31. Show less 1. Equivalent units: Transferred-in Direct materials 32,000 27,000 Conversion 29,500 2. Unit costs $ 6.25 $ 2.25 Transferred-in Direct materials Conversion Cost of goods completed and transferred out Cost of ending work in process inventory $ 4.75 3. $ 357,750 43,125 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 A View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 60,750 Work-in-process inventory Materials inventory 60,750 B 2 Work-in-process inventory Accrued payroll