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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.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter6: Process Costing
Section: Chapter Questions
Problem 28BEA: Transferred-In Cost Powers Inc. produces a protein drink. The product is sold by the gallon. The...
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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: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.
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.
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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