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Please help got most of these wrong Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease
Please help got most of these wrong
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: Work in Process-Refining Department 33,400 Completed and transferred to Blending March 1 balance Materials Direct labor Overhead 153,600 67,200 482,000 March 31 balance ? The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,400; direct labor, $3,500; and overhead, $21,500. Costs incurred during March in the Blending Department were: materials used, $44,000; direct labor, $17,600; 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 (g) below. a. Raw materials used in production. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, $656,000. (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, $770,000. g. Completed units were sold on account, $1,400,000. The Cost of Goods Sold was $620,000o. General Journal Debit Credit No Transactions Work in process-Refining Department 1 153,600 a 44,000 Work in process-Blending Department Raw materials 197,600 67,200 2 Work in process-Refining Department Work in process-Blending Department 17,600 Salaries and wages payable 84,800 656,000 3 Manufacturing overhead C. Accounts payable 656,000 482,000 4 d. Work in process-Refining Department Manufacturing overhead 482,000 105,000 5 Work in process-Blending Department e. 105,000 Manufacturing overhead 662,000 6 f. Work in process-Blending Department 662,000 Work in process-Refining Department g(1) Finished goods 7 770,000 Work in process-Blending Department 770,000 Raw Materials Accounts Receivable Beg. Bal Beg. Bal End. Bal C End. Bal 0 Work in Process-Refi ning Department Work in Process-Blending Department Beg. Bal Beg. Bal. End. Bal End. Bal. Finished Goods Manufacturing Overhead Beg. Bal. Beg. Bal End. Bal End. Bal 0 0 Salaries and Wages Pavable Accounts PavableStep by Step Solution
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