Prepare the joumal entries for direct materials, direct iabor, 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 foumal entry required" in the first sccount field) Journal entry worksheet To record the application of factory overhead to departments. Noter Enter debits before credits. Prepare the journal entries for direct materisis, direct labor, overhead, and finished product for July, assuming that direct labor is sow of conversion cost. (If no entry is required for a transaction/event, select "No journal entry reculred" in the fint accouint field.) Journal entry worksheet c D To record direct materials costs added during July. Note: Enter debits before credits. Prepare the journal entries for direct materials, direct labor, overhead, and finlshed product for July, assuming that direct labor is so\%s of conversion cost. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet To record the weighted-average cost of goods completed in the finishing department. Note: Enter debits before credits. MeCollum Tool Company has two departments, assemby and finishing. The assembly department takes purchased parts and assembles the final product. The finishing department performs testing. adds other materials, and pockages the product Direct moterials 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: Colculote 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 joumal entries for direct materials, direct inbor, overhead, and firished product for July, assuming that direct labor is 50% of conversion cost. Prepare the joumal entries for direct materials, direct labor, overhead, and finlahed product for July, assuming that direct labor is sow of conversion cost. (It no entry is required for a transaction/ovent, select "No joumal entry required" in the first account field.) Journal entry worksheet D To record direct labor costs incurred during July. Notei Enter debits before cedits. 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 conversion. 3. Cost of goods completed and transferred out during July. 4. Cost of Work-in-Process Inventory at July 31. (Round "WTAVG Cost per EU" answers to 2 decimal places. Round other answer values to the nearest whole dollars.)
