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Problem 5-17 (Algo) Cost Flows (LO 5-1] 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 Work in Process-Refining Department Debit Credit March 1 balance 33,000 Completed and transferred to blending Materiala 150.600 Direct labor 64,200 Overhead 400,000 Hace 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements materials $7.200; direct labor, $5,000, and overhead, $20,800, Costs incurred during March in the Blending Department were materials used $45,000, direct labor, $17,400, and overhead cost applied to production, $115,000. 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 (a) 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, $642.000 Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods $780,000 9. 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 $ 210,600 Work in procent-Blending Department $ 53,000 Finished goods $ 27,000 2. Post the journal entries from 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 proces-ending Department Finished goods $ 210,00 5.53,000 $ 27,000 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 Marth. Kay you entries to the items (a) through (g) below. If no entry is required for transaction/event, select "No journal entry required in se trat account field.) View transaction til Journal entry worksheet Record issuance of raw materials to Refining and Blending Department Note: Enter debitore credits Transactions General Journal Dobit Credit Record entry Clear entry View general journal Post the journal entries from Requirement 1 to T-accounts Accounts Receivable Raw Materials Debit Beginning Balance Credit Dahil Beginning Balance Credit Ending Balance Ending Balance Work in Process Ratining Department Debit Credit Beginning Balance Work in ProcessBlending Department Debit Credit Beginning Balance Ending Balance Ending Balance Finished Good Manufacturing Overhead Credit Credit Dobit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Accounts Payablo Credit Credit Debit Beginning Balance Salaries and Wages Payable Debit Beginning Balance Ending Balance Ending Balance