Mccallum Tool Company process costing
Mccallum Tool Company has two departments, assembly and finishing.The assembly department takes purchased parts and assembles the final producl The finishing department perfonns 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.
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,direc t materials,and conversion.
2. Equivalent unit costs for transferred-in costs,direct materials,and conversion.
3. Cost or goods completed and transferred out dunng July. 4. Cost of Work-in-process inventory at July 31.
5. Prepare the journal entries for direct materials,direc t labor,overhead,and finished product for July,assuming that direct labor is 50% or conversion cost.
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