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Need HELP! got all answer correct but it says incomplete! please help me figure out what I'm missing! thank you! Lubricants, Inc., produces a special
Need HELP! got all answer correct but it says incomplete! please help me figure out what I'm missing! thank you!
Lubricants, Inc., 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: March 1 balance Materials Direct labor Overhead March 31 balance Work in Process-Refining Department 33,480 Completed and transferred to Blending 145,6ee 73,200 476,000 ? The March 1 work in process inventory in the Refining Department consists of the following elements materials, 58700, direct lobor $4,800, and overhead, $19,900. Costs incurred during March in the Blending Department were materials used. $45,000, direct lobor. $16700, and overhead cost applied to production, $118,000. 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 matertais used in production b. Direct labor costs incurred c. Manufacturing overhead costs incurred for the entire factory, $616,000. (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, $662.000, 1 Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, 5760,000 g. Completed units were sold on account. $1,370,000 The Cost of Goods Sold was 5680.000, a. Raw materials used in production b. Direct labor costs incurred, c. Manufacturing overhead costs incurred for the entire factory, $616,000. (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 $662,000 f. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $760,000 g. Completed units were sold on account. $1,370,000. The Cost of Goods Sold was $680,000 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 Work in process-Blending Department Finished goods $ 214,600 $ 55,000 $ 21,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the journal entries from Requirement 1 to T-accounts. Raw Materials Acoounts Recolvable 214,000 Ren Beg Bal Work in process-Refining Department Work in process-Blending Department Raw materials 145,000 45,000 O 100,600 2 b. 73,200 Work in process-Refining Department Work in process-Blending Department Salaries and wages payable 18,700 89,000 3 G. Manufacturing overhead Accounts payable 616.000 Blo 616,000 4 d 476.000 Work in process-Refining Department Work in process-Blending Department Manufacturing overhead >> 118.000 594,000 5 e. 662,000 > Work in processBlending Department Work in process-Refining Department E 882.000 6 780,000 Finished goods Work in process-Blending Department O 700,000 7 011) 1,370,000 Accounts receivable Sales O 1.370,000 8 080,000 0(2) Cost of goods sold Finished goods 880.000 Accounts Receivable Beg Bat 0 Beg Bal Raw Materials 214,000 190,000 9 > 1,370,000 End. Bal 1,370,000 End, Bal 24.000 Work in Process-Refining Department Beg. Bal Beg Bal O 3 a 145,000 73,200 470,000 b Work in Process-Blending Department 50,000 45.000 16,700 118.000 002.000 780,000 DIOS b OOOO d. d ISIS 062.000 32,800 End. Bal 137.700 End Bal Beg Bal Beg Ba Finished Goods 21.000 700.000 680.000 Manufacturing Overhead 0 810,000 504,000 d > O 22.000 End. Bal 101.000 End, Bal Accounts Payable Salanes and Wages Payable 0 Beg Bal Beg Bal Ole SIS 80,000 b 710.000 30.000 End Bal 818.000 End. Bali CALA Calde D Next Finished Goods Beg. Bat. f. 21.000 760,000 Beg. Bal. Manufacturing Overhead 0 616,000 594.000 C. 680,000 > 9 d. End. Bal. 101,000 End. Bal. 22,000 Accounts Payable Salaries and Wages Payable Beg. Bal. 0 Beg. Bal 616,000 0. > 80,000 b. End. Bal 616,000 End. Bal 80,000 Sales Beg Bal. 0 Beg Bal 9 Cost of Goods Sold 0 880,000 $ 1.370.000 9 1.370.000 End. Bal 680.000 End. Bal Step by Step Solution
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