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the weber company makes a water-treatment chemical in a single processing department. direct materials are added at the strat

The Weber Company makes a water-treatment chemical in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Weber uses the weighted average-method of process costing. The following information for July 2002 is available. Work in Process, July 1 Started during July Completed and Transferred during July 10,000 units (70% converted) 40,000 units 34,000 units Ending Work in Process is 50% converted as to direct labor and overhead. Total Costs for July Work in Process, beginning Direct Materials Direct Labor Overhead Applied $ 60,000 50,000 20,000 Direct Materials added during July $ 280,000 Direct Labor added during July 265,000 Overhead applied during July 106,000 Overhead - actual during July 130,000 REQUIRED: 1. Calculate cost per unit for materials, labor and overhead. 2. Prepare the journal entries for the costs used in work in process plus the cost transferred from work-in-process to finished goods. 3. Actual manufacturing overhead was $130,000 during July what is the balance in manufacturing overhead at July 31, 2002? 4. What is the journal entry to account for the over or under-applied overhead? 5. What is the July 31, 2002 balance in work-in-process

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