Work in Process-Refining Department 31,50e March 1 balance Completed and transferred to Blending Materials 143,600 71,200 490,000 Direct labor Overhead March 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $7,300, direct labor $4.100; and overhead, $20,100 Costs incurred during March in the Blending Department were: materials used, $46,000; direct labor, $16,700; and overhead cost applied to production, $98.000 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, $636,000. (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 transtferred to the Blending Department $652.000 f Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $730,000. g. Completed units were sold on account, $1,320,000. The Cost of Goods Sold was $670,000. 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 205,600 $ 41,000 $ 22,000 Mork in process-Blending Department Finished goods Complete this question by entering your answers in the tabs below. Prev 1 of 4 Next>