Mccallum Tool Company process costing
Not what you're looking for?
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.
--
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,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.
See problem attached
Purchase this Solution
Solution Summary
Process costing four steps shown, computed in excel, and a template for similar problems.
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Introduction to Finance
This quiz test introductory finance topics.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.