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I need detailed step for these five questions The Chatham Company makes a water-treatment chemical in a single processing department. Direct materials are added at
I need detailed step for these five questions
The Chatham Company makes a water-treatment chemical in a single processing department. Direct materials are added at the start of the process. Conversion are added evenly during the process. Chatham uses the weighted average - method of process costing. The following information for July 2005 is available. Ending Work in Process is 50% converted as to direct labor and overhead Beginning Raw Materials $ 4,000 Prepare a production Report I, II, and III, Calculate cost per unit for materials, labor and overhead. Prepare the journal entries for the costs used in work in process plus the cost transferred from work-in-process to finished goods. What is the balance in manufacturing overhead at July 31, 2005 before the account is closed out? What is the journal entry to account for the over or under-applied overhead? What is the total and individual component July 31, 2005 balances in work-in-processStep by Step Solution
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