Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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. 10,000 units (70% converted) 40,000 units Work in Process, July 1 Started during July Completed and Transferred during July 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 S 60,000 50,000 20,000 Direct Materials added during July Direct Labor added during July Overhead applied during July Overhead - actual during July $280,000 265,000 106,000 130,000 REQUIRED: ulate cost per unit for materials, labor and overhead. Calc transferred from work-in-process to finished goods. manufacturing overhead at July 31, 2002? 1. the journal entries for the costs used in work in process plus the cost 3. Actual ma 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started