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Requirec: Calculatc each of the following amounts for the finishing department using the weighted-average process costing method, and then prepare the requested journalentries: 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 eompleted and transferred out during Juty 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. 1. Equivalent units of transferred-in, direct materials, and conversion. 2. Equivalent unit costs for transferred-in costs, direct materials, and corversion. 3. Cost of noode completed and transferred out during July. 4. Cost of Work-in-Process Inventory at july 31 . (Round "WTAVG Cost per Eu" answees to 2 decimat places. Round other anower values to the nearet whole dolars.) Show leas. Journal entry worksheet To record direct labor costs incurred during July. Note: Enter defats before credits. McCalum 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. Required: 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 transferredirn, 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 Journal entry worksheet To record the weighted-average cost of goods completed in the finishing department. Note: Enter debits before credits. 1. Equivalent units of transferred-in, direct materials, and conversion. 2. Equivalent unit costs for transferred-in costs, direct materisls, and conversion. 3. Cost of goods completed and transforred out during July. 4. Cost of Work-in-Procesis Inventory at July 31. (Round "WTAVG Cost per EU" answers to 2 decimal places. Round other answer values to the nearest whole dollars.) Journal entry worksheet To record the application of factory overhead to departments. Note: Enter debits before credits. Journal entry worksheet To record direct materials costs added during July. Note: Enter debits before credits
