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PLEASE ANSWER WITH BOTH THE JOURNAL ENTRIES & ALL 10 T ACCOUNTS PLEASE!!! NEED T ACCOUNTS FOR: Accounts receivable, raw materials, WIP- Refining, WIP- Blending,
PLEASE ANSWER WITH BOTH THE JOURNAL ENTRIES & ALL 10 T ACCOUNTS PLEASE!!! NEED T ACCOUNTS FOR: Accounts receivable, raw materials, WIP- Refining, WIP- Blending, Finished goods, Manufacturing overhead, accounts payable, saleries and wages payable, sales & cost of goods sold. thank you!!! Lubricants, Incorporated, produces a special kind of grease 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 avallable for the Refining Department for Morch: The March 1 work in process imventory in the Refining Department includes materials, $8,100; direct labor, $4,300; and overhead, $21,600. Costs incurred during March in the Blending Department were materials used, \$46,000; direct lobor, \$16,500; and overhead cost applied to production, $112,000. Aequired: 1. Prepare joumal 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 materiais used in production. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire foctory, $626,000. (Credit Accounts Payable). d. Manufacturing overhead was applied to production using a predetermined overhead rate. e. Units completed in the Refining Department were transferred to the Blending Department, $642,000 f. Units completed in the Blending Department were transferred to Finished Gocds, $790,000. 9. Completed units were sold on account, $1,490,000. The Cost of Goods Sold was $690,000. 2. Past the journat 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.)
PLEASE ANSWER WITH BOTH THE JOURNAL ENTRIES & ALL 10 T ACCOUNTS PLEASE!!! NEED T ACCOUNTS FOR: Accounts receivable, raw materials, WIP- Refining, WIP- Blending, Finished goods, Manufacturing overhead, accounts payable, saleries and wages payable, sales & cost of goods sold. thank you!!!
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