v3. WIP Balance $22,770 Refreshing Water Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in beginning Work-inProcess Inventory include transferred in costs of $1,400, direct labor of $700, and manufacturing overhead of $330. March data for the Bottling Department follow: (Requirement 1 only) REFRESHING WATER COMPANY Work-in-Process InventoryBottling Month Ended March 31, 2018 Dollars Units Transferre d In Direct Material s Direct Labor Manufacturi ng Overhead Total Costs Beginning inventory, Mar. 1 (40% complete) 15,000 $ 1,400 $ 700 $ 330 $ 2,430 Production started 160,000 135,100 $ 30,400 33,100 16,300 214,900 Transferred out 152,000 Ending inventory, Mar. 31 (70% complete) 23,000 Requirements 1. Prepare a production cost report for the Bottling Department for the month of March. The company uses the weighted-average method. 2. Prepare the journal entry to record the cost of units completed and transferred out. 3. Post all transactions to the Work-in-Process InventoryBottling T-account. What is the ending balance?