For (A) What did I missed out or did wrong on the wrong these parts? The Required 1 -

Work in processBlending Department

Credit 487,000

and the required 2, T-Account's Manufacturing Overhead 487,000 d. is wrong

c.

636,000

487,000

d.

and (B) Please give steps by steps method. Thank you.

(A)

Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departmentsRefining 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:

Work in ProcessRefining Department
March 1 balance	32,800	Completed and transferred to Blending	?
Materials	142,600
Direct labor	69,200
Overhead	487,000
March 31 balance	?

The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $7,600; direct labor, $4,600; and overhead, $20,600.

Costs incurred during March in the Blending Department were: materials used, $44,000; direct labor, $17,700; and overhead cost applied to production, $110,000.

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.

Raw materials used in production.

Direct labor costs incurred.

Manufacturing overhead costs incurred for the entire factory, $636,000. (Credit Accounts Payable.)

Manufacturing overhead was applied to production using a predetermined overhead rate.

Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $632,000.

Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $760,000.

Completed units were sold on account, $1,390,000. The Cost of Goods Sold was $630,000.

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 Departments Work in Process is given in the T-account shown above.

Raw materials	$	213,600
Work in processBlending Department	$	43,000
Finished goods	$	15,000

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.)

No	Transactions	General Journal	Debit	Credit
1	a.	Work in processRefining Department	142,600
1		Work in processBlending Department	44,000
1		Raw materials		186,600
2	b.	Work in processRefining Department	69,200
2		Work in processBlending Department	17,700
2		Salaries and wages payable		86,900
3	c.	Manufacturing overhead	636,000
3		Accounts payable		636,000
4	d.	Work in processRefining Department	487,000
4		Work in processBlending Department		487,000
5	e.	Work in processBlending Department	632,000
5		Work in processRefining Department		632,000
6	f.	Finished goods	760,000
6		Work in processBlending Department		760,000
7	g(1).	Accounts receivable	1,390,000
7		Sales		1,390,000
8	g(2).	Cost of goods sold	630,000
8		Finished goods		630,000

Required 2

Post the journal entries from Requirement 1 to T-accounts.

Accounts Receivable					Raw Materials
Beg. Bal.					Beg. Bal.	213,600
g.	1,390,000						186,600	a.
End. Bal.	1,390,000				End. Bal.	27,000
Work in ProcessRefining Department					Work in ProcessBlending Department
Beg. Bal.	32,800				Beg. Bal.	43,000
a.	142,600	632,000	e.		a.	44,000	760,000	f.
b.	69,200				b.	17,700
d.	487,000				d.	110,000
					e.	632,000
End. Bal.	99,600				End. Bal.	86,700
Finished Goods					Manufacturing Overhead
Beg. Bal.	15,000				Beg. Bal.
f.	760,000	630,000	g.		c.	636,000	487,000	d.
End. Bal.	145,000				End. Bal.	149,000
Accounts Payable					Salaries and Wages Payable
Beg. Bal.					Beg. Bal.
		636,000	c.				86,900	b.
End. Bal.		636,000			End. Bal.		86,900
Sales					Cost of Goods Sold
Beg. Bal.					Beg. Bal.
		1,390,000	g.		g.	630,000
End. Bal.		1,390,000			End. Bal.	630,000

(B)

Requirement 2:

Change all of the numbers in the data area of your worksheet so that it looks like this:

Chapter 4: Applying Excel

Data

Beginning work in process inventory:

Units in process 400

Completion with respect to materials 85 %

Completion with respect to conversion 70 %

Costs in the beginning work in process inventory:

Materials cost $10,482

Conversion cost $18,605

Units started into production during the period 13,500

Costs added to production during the period:

Materials cost $395,462

Conversion cost $853,903

Ending work in process inventory:

Units in process 800

Completion with respect to materials 10 %

Completion with respect to conversion 20 %

If your formulas are correct, you should get the correct answers to the following questions.

(a) What is the equivalent units of production for materials?

Equivalent units of production for materials $ 13,180

(b) What is the equivalent units of production for conversion?

Equivalent units of production for Conversion $13,260

(c) What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.)

Cost per equivalent units for materials $____?___

(d) What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.)

Cost per equivalent units for conversion $ ___?____

(e) What is the cost of the units transferred out? (Round your cost per equivalent unit to 2 decimal places.)

cost of the units transferred out $ ___?____

Requirement 3:

Either print a copy of your worksheet or make a copy of the worksheet in your workbook before proceeding. You will need to refer back to this worksheet.

Change the percentage completion with respect to conversion for the beginning inventory from 70% to 55%, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this:

Chapter 4: Applying Excel

Data

Beginning work in process inventory:

	Units in process	400
	Completion with respect to materials	85	%
	Completion with respect to conversion	55	%
	Costs in the beginning work in process inventory:
	Materials cost	$10,482
	Conversion cost	$18,605
	Units started into production during the period	13,500
	Costs added to production during the period:
	Materials cost	$395,462
	Conversion cost	$853,903
	Ending work in process inventory:
	Units in process	800
	Completion with respect to materials	10	%
	Completion with respect to conversion	20	%

If your formulas are correct, you should get the correct answers to the following questions.

(a) What is the equivalent units of production for materials?.

Equivalent units of production for materials $____?____

(b) What is the equivalent units of production for conversion?

Equivalent units of production for conversion $___?___

(c) What is the equivalent units for materials?

Cost equivalent units of production for materials $___?___

(d) What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.)

Cost per equivalent unit for conversion $____?____

(e) What is the cost of the units transferred out? (Round your cost per equivalent unit to 2 decimal places.)

Cost of units transferred out $___?___

(f) Which of the following statements are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

? In the weighted-average method, the percentage completion of beginning inventory has no effect on the equivalent units of production.

? In the weighted-average method, the percentage completion of beginning inventory has no effect on the cost per equivalent unit.

? In the weighted-average method, the percentage completion of beginning inventory has no effect on the cost of the units transferred out.