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Thank yiu so much! please fill out the journal entry sheet 1-8 as well :) Lubricants, Incorporated, produces a special kind of grease that is

Thank yiu so much! please fill out the journal entry sheet 1-8 as well :) image text in transcribed
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image text in transcribed
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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: The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,700; direct labor, $3,400; and overhesd, $20,800 Costs incurred during March in the Blending Department were: materials used, $46,000; direct labor, $17,800; and overhead cost applied to production, $107,000. Required: 1. Prepare joumal entries to record the costs incurred in both the Refining Department and Biending Depertment 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, \$686,000. (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. 1. 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, $1,350,000. The Cost of Goods Sold was $660,000. 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 Deportment's Work in Process is glven in the T-account shown above.) 2. Posi the journal entries from (f) abowe to f-accounts. The following account balances existed at the beginning of Match. (The beginning beance in the Rerining Dopattrent's Wock in Process is then in the Thaccount shown abovn?) Complete this question by catering your answers in the tabs below. Prepare jcumal enties to record the costs incumtd in boch the Aefinitg pepsitmene and Biending Deptrtment during Manch. Key your Pes the Jeumal entries fram Requrement 110 Taccounts

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