[The following information applies to the questions displayed below.] 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 Completed and transferred to Blending March 1 balance Materials Direct labor Overhead 34.800 149,600 70.200 473,000 March 31 balance The March 1 work in process Inventory in the Refining Department consisted of the following elements: materials, $8,500, direct labor, $4,900, and overhead, $21.400. Costs incurred during March in the Blending Department were: materials used, $45,000, direct labor. $17.400; and overhead cost applied to production, $108,000. value 10.00 points Requirement 1: Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March (Omit the "S" sign in your response.) a Raw materials were issued for use in production b. Direct labor costs were incurred Manufacturing overhead costs for the entire factory were incurred, $716,000. (Credit Accounts Payable) Manufacturing overhead cost was applied to production using a predete e Units that were completa Requirement 1: Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March (Omit the "$" sign in your response.) a. Raw materials were issued for use in production. b. Direct labor costs were incurred. c. Manufacturing overhead costs for the entire factory were incurred, $716,000. (Credit Accounts Payable.) d. Manufacturing overhead cost 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, $652,000. f. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $790,000 g. Completed units were sold on account $1,330,000. The cost of goods sold was $680,000 Debit Credit a. General Journal (Click to select) (Click to select) (Click to select) b (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) value 10.00 points Requirement 2: Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Refining Department's Work in Process account is given above) (Record the transactions in the given order. Omit the "$" sign in your response.) Raw Materials Work in Process-Blending Department Finished Goods $206,600 $56,000 $25,000 After posting the entries to the T-accounts, find the ending balance in the inventory accounts and the manufacturing overhead account. Accounts Receivable (Click to select) Raw Materials Bal (Click to select) Raw Materials Bal. (Click to select) Bal. Work in Process --Refining Department (Click to select) Bal (Click to select) (Click to select) (Click to select) Bal Work in ProcessBlending Department (Click to select) Bal. (Click to select) (Click to select) (Click to select) (Click to select) Bal Finished Goods (Click to select) Bal (Click to select) Bal Manufacturing Overhead (Click to select) (Click to select) Bal Finished Goods (Click to select) Bal. (Click to select) Bal Manufacturing Overhead (Click to select) (Click to select) Bal. Accounts Payable (Click to select) Salaries and Wages Payable (Click to select) Sales (Click to select) Cost of Goods Sold (Click to select)