Help Save & E Ch Problem 4-17 Cost Flows [LO 4-1] Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments: Refining and Blending. Raw materials are introduced at various points in the Refining Department. .66 oints The following incomplete Work in Process account is available for the Refining Department for March: eBook Work in Process-Refining Department Print References Completed and transferred March 31.300 to Blending 1 balance Materials Direct labor Overhead 140,600 64,200 490,000 March 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $7,800; direct labor, $3,000; and overhead, $21,000. Costs incurred during March in the Blending Department were: materials used, $45,000; direct labor, $16,100; and overhead cost applied to production, $109,000. Prev 1 of 3 Next oter 4 Homework #1@ Saved Help Save & Required 1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Raw materials were issued for use in production. b. Direct labor costs were incurred. c. Manufacturing overhead costs for the entire factory were incurred, $656,000. (Credit ped d. Manufacturing overhead cost was applied to production using a predetermined e. Units that were complete with respect to processing in the Refining Department were f Units that were complete with respect to processing in the Blending Department were g. Completed units were sold on account, $1,460,000. The Cost of Goods Sold was Accounts Payable.) overhead rate. transferred to the Blending Department, $632,000 transferred to Finished Goods, $770,000. $620,000 ok nt nces View transaction list Journal entry worksheet 4 6 7 8 Record issuance of raw materials to Refining and Blending Department Che Note: Enter debits before credits. Transactions General Journal Debit Credit ipped Book rint Record entry Clear entry View general journal rences 2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balante in the Refining Department's Work in Process account is given in the above question data.) 206,600 Raw materials Work in process-Blending Finished goods $42,000 Department $ 12,000 Prev 1 of 3 Next> hapter 4 Homework #1 0 Saved Help Save & Exit Check After posting the entries to the T-accounts, find the ending balance in the inventory accounts and the manufacturing overhead account Accounts Receivable Raw Materials 6 ts Beg. Bal Beg. Bal. End. Bal. End. Bal. 0 eBook Work in Process-Refining Department Work in Process-Blending Department Print Beg. Bal Beg. Bal End. Bal 0 End. Bal Finished Goods Manufacturing Overhead Beg. Bal. Beg. Bal End. Bal. End. Bal Prev 1 of 3Next Next > ter 4 Homework #1@ Enter your password in Internet Accounts Saved Checl Finished Goods Manufacturing Overhead Beg. Bal Beg. Bal End. Bal. 0 End. Bal oed Accounts Payable Salaries and Wages Payable ok Beg. Bal. Beg. Bal nt nces End. Bal. End. Ba. Sales Cost of Goods Sold Beg. Bal. Beg. Bal End. Bal. End. Bal 0 Prev 1 of 3 Next>