Help Save & Ext Submit Check my work 2 Work in Process-Refining Department Debit March 1 balance Materials 10 Direct labor points Overbead March 31 balance 01 References Credit 34,900 Completed and transferred to Blending 146,600 66,200 472,000 The March 1 work in process inventory in the Refining Department consists of the following elements: materials. $8.600; direct labor $4,800; and overhead. $21.500. Costs incurred during March in the Blending Department were: materials used, $46,000; direct labor, $16,900; and overhead cost applied to production, $105,000. Required: 1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March Key your entries to the items (a) through (g) below. a Raw materials used in production b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, $706,000 (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate. e Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $672.000 Units that were complete with respect to processing in the Blending Department were transfered to Finished Goods, $720,000. g. Completed units were sold on account, $1,310,000. The Cost of Goods Sold was $590,000 2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Refining Department's Work in Process is given in the T-account shown above) Raw materials Work in process-Blending Department Finished goods $204,600 $54,000 $21,000 10 points Sub Lubricants, Incorporated, 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 The following incomplete Work in Process account is available for the Refining Department for March Check my work Work in Process-Refining Department Debit March 1 balance 34,900 Credit Completed and transferred to Blending look Materials Direct labor Overhead 146,500 66,200 472,000 01 Pri References March 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements materials, $8.600 dect labo $4,800; and overhead, $21,500 Costs incurred during March in the Blending Department were materials used, $46.000, direct labor $16,900, and overhead cost applied to production, $105,000 Required: 1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March Key your entries to the items (a) through (g) below. a. Raw materials used in production. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, $706,000. (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate e. Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $672,000. f Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000 g. Completed units were sold on account, $1,310,000. The Cost of Goods Sold was $590,000 2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The 10 2 points Pri References Required: 1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key your entries to the items (a) through (g) below a Raw materials used in production b. Direct labor costs incurred c. Manufacturing overhead costs incurred for the entire factory, $706,000. (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate e. Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department $672,000. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000 g. Completed units were sold on account. $1,310,000. The Cost of Goods Sold was $590,000 2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Refining Department's Work in Process is given in the T-account shown above) Raw materials Work in process-Blending Department Finished goods $284,600 $ 54,000 $ 21,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March Key your entries to the items (a) through (g) below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Help Save & Ext Subna Check my work 10 points Required S Prepare journal entries to record the costs incurred in both the Refining Department and Bending Department during March entries to the tems (a) through (s) below. (If no entry is required for a transaction/event, sed alin the first account field.) View transaction list Journal entry worksheet P < 1 References 3 5 6 Record issuance of raw materials to Refining and Blending Department. Mote Enter debits before credits Transactions General Journal D Cred Record entry Clear entry View general journal < Prev 2 of 2 Next > 10 2 Post the journal entries from Requirement 1 ts Taunts Gra Accounts Receivable Debit Beginning Balance Ending Balance Work in Process-Relining Opart Beginning Balance Ending Balance Ending Balance Celt De Segning Creat Finished Goods Deb Crede Exting Man O D Gidl