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2. ABC Co. produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processes: refinig and blending. Raw oil products are introduced at various points in the Refining Department; labor and overhead costs are incurred evenly through the refining operation. The refined output is then transferred to the Blending Department. The following incomplete Work in Process account is available for the Refining Department for March: The March 1 Work in Process inventory in the Refining Department consists of the following cost elements: raw materials, $25,000; direct labor, $4,000; and overhead, $9,000. The company accounts for units and costs by the weighted-average method. Required: 1. Prepare journal to record the costs incurred in both the Refining Department. a. Raw materials were issued for the use in production. b. Direct labor costs were incurred. c. Manufacturing overhead costs were incurred, $195,000, all on credit. d. Manufacturing overhead cost was applied to production. e. Selling and administrative expenses incurred for $450,000. f. Units that were complete as to processing in the Refining Department were transferred to Blending Department. (find the figure) g. Complered units were sold on account, $1,500,000. The cost of goods sold was $900,000. 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 account is given above.) RawMaterialsFinishedGoods$618,00020,000 3. Close any under or over-applied manufacturing overhead to COGS account. 4. Prepare a production report for the Refining Department for March. 2. ABC Co. produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processes: refinig and blending. Raw oil products are introduced at various points in the Refining Department; labor and overhead costs are incurred evenly through the refining operation. The refined output is then transferred to the Blending Department. The following incomplete Work in Process account is available for the Refining Department for March: The March 1 Work in Process inventory in the Refining Department consists of the following cost elements: raw materials, $25,000; direct labor, $4,000; and overhead, $9,000. The company accounts for units and costs by the weighted-average method. Required: 1. Prepare journal to record the costs incurred in both the Refining Department. a. Raw materials were issued for the use in production. b. Direct labor costs were incurred. c. Manufacturing overhead costs were incurred, $195,000, all on credit. d. Manufacturing overhead cost was applied to production. e. Selling and administrative expenses incurred for $450,000. f. Units that were complete as to processing in the Refining Department were transferred to Blending Department. (find the figure) g. Complered units were sold on account, $1,500,000. The cost of goods sold was $900,000. 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 account is given above.) RawMaterialsFinishedGoods$618,00020,000 3. Close any under or over-applied manufacturing overhead to COGS account. 4. Prepare a production report for the Refining Department for March