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in Course: 2022SP Prin of Ma X McGraw-Hill Education Can x Question 10 - Ch 5: Homew X C Solved: Lubricants, Inc., pr x G 30150-1130 - Google Searc *Homework Help - Q&A fron x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti.. Q u # Update ili Apps M Gmail @ YouTube % Maps 24 Psych Summer P GEO & Lab Geo Reading List Ch 5: Homework Saved Help Save & Exit Submit Check my work 10 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: 10 Work in Process-Refining Department points Debit Credit March 1 balance 33, 400 Completed and transferred to Blending Materials 138, 600 Direct labor 67,200 eBook Overhead 484,000 March 31 balance Print The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,900; direct labor, $4,700; and overhead, $19,800 Costs incurred during March in the Blending Department were: materials used, $44,000; direct labor, $17,000; 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 (9) 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, $682,000. f. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $710,000. g. Completed units were sold on account, $1,360,000. 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 $ 209, 600 Work in process-Blending Department $ 56,000 Finished goods $ 10,000 Mc Graw Mc Graw 10 of 10 Hill in Course: 2022SP Prin of Ma X McGraw-Hill Education Can x Question 10 - Ch 5: Homew X C Solved: Lubricants, Inc., pr x G 30150-1130 - Google Searc *Homework Help - Q&A from x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2525%252Fnewconnect.mheducation.com%252F#/acti.. # Update ili Apps M Gmail YouTube % Maps 24 Psych Summer P GEO & Lab Geo Reading List Ch 5: Homework Saved Help Save & Exit Submit Check my work 10 Accounts Receivable Raw Materials Debit Credit Debit Credit Beginning Balance Beginning Balance 10 points Ending Balance Ending Balance eBook Work in Process-Refining Department Work in Process-Blending Department Debit Credit Debit Credit Beginning Balance Beginning Balance Print Ending Balance Ending Balance Finished Goods Manufacturing Overhead Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Payable Salaries and Wages Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Ralones Ending Ralanna Mc Graw