Number of Units 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 4,000 28,000 27,000 5,000 Costs $ 80,125 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 150,000 60,750 110,000 $400,875 Total to account for 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.
Number of Units 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 4,000 28,000 27,000 5,000 Costs $ 80,125 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 150,000 60,750 110,000 $400,875 Total to account for 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can someone answer this problem please with calculations thanks!
Transcribed Image Text:6-41 Weighted-Average Method; Transferred-in Costs McCallum Tool Company has two depart-
ments, 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 follow-
ing summarizes the finishing department's operations for the month of July.
Transcribed Image Text:Number of Units
4,000
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
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
$ 80,125
150,000
60,750
Conversion added during July
110,000
$400,875
Total to account for
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. Show the journal entries for direct materials, direct labor, overhead, and finished product for July,
assuming that direct labor is 50% of conversion cost.
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