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pter 05 Homework Saved Help Save & Exit Check my 5 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 Nork in ProcessRefining Department 34,000 Completed and transferred to Blonding 142,600 65,200 poed Materiala Direct labor March 31 balance Book The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $9,000; direct labor $3,400, and overhead, $21,600. Costs incurred during March in the Blending Department were: materials used, $45.000; direct labor. $16,500; and overhead cost applied to production, $98,000. 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, $636,000. (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, $642,000. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000. g. Completed units were sold on account, $1,370,000. The Cost of Goods Sold was $600,000. 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.) hapter 05 Homework Helps 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.) ints Raw materials Work in process-Blending Department Finished goods $ 207,600 $ 47,000 $ 16,000 Skipped Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print 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 (9) below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eferences View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record issuance of raw materials to Refining and Blending Department. Note: Enter debits before credits Transactions General Journal Debit Credit apter 05 Homework HelpS Required 1 Required 2 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 (9) below. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Skipped View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record issuance of raw materials to Refining and Blending Department. Note: Enter debits before credits Transactions General Journal Debit Credit Record entry Clear entry View general Journal Chapter 05 Homework ( Saved Required 1 Required 2 oints Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key entries to the items (a) through (9) below. (If no entry is required for a transaction/event, select "No journal entry required" in the account field.) Skipped View transaction list eBook Journal entry worksheet 12 3 4 5 6 7 8 Print Record direct labor cost incurred for Refining and Blending Department. References Note: Enter debits before credits. Transactions General Journal Debit Credit Record entry Clear entry View general journal apter 05 Homework or Required 1 Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key y entries to the items (a) through (9) below. (If no entry is required for a transaction/event, select "No journal entry required in the account field.) kipped View transaction list eBook Journal entry worksheet apter 05 Homework i Saved Required 1 Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key entries to the items (a) through (9) below. (If no entry is required for a transaction/event, select "No journal entry required" in the account field.) kipped View transaction list Book Journal entry worksheet Chapter 05 Homework Required 1 Required 2 points 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 (9) below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Skipped View transaction list eBook Journal entry worksheet 05 Homework Saved Required 1 Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March entries to the items (a) through (9) below. (If no entry is required for a transaction/event, select "No journal entry required account field.) View transaction list Journal entry worksheet 2 3 4 Record the transfer of completed units from the Blending Department to finished goods. aces Note: Enter debits before credits Transactions General Journal 11 Record entry Clear entry View general journal Next apter 05 Homework Saved 7 Required 1 Required 2 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 (9) below. (If no entry is required for a transaction/event, select "No journal entry required" in the firs account field.) Skipped View transaction list eBook Journal entry worksheet 1 2 3 4 5 6 Print Record sales on account. references Note: Enter debits before credits. General Journal Debit Credit Transactions 9(1), Record entry Clear entry View general Journal apter 05 Homework i Required 1 Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key entries to the items (a) through (9) below. (If no entry is required for a transaction/event, select "No journal entry required" in th account field.) kipped View transaction list Journal entry worksheet Book Saved 05 Homework Required 1 Required 2 Post the journal entries from Requirement 1 to T-accounts. Accounts Receivable Raw Materials Beg. Bal. Beg. Bal. End, Bal o End. Bal. l Work in Process-Refining Department Work in Process-Blending Department Beg. Bal. Beg. Bal. End. Balo End. Bal Finished Goods Manufacturing Overhead Beg. Bal Beg. Bal End. Bal 0 End. Bal Accounts Payable Salaries and Wages Payable Beg. Bal. Beg. Bal. 5 Novt 05 Homework Saved Beg. Bal. Beg. Bal. End. Bal. L E O End. Bal Finished Goods Manufacturing Overhead Bog. Bal. Beg Ba End, Bal. 0 End. Bal. Accounts Payable Salaries and Wages Payable Beg. Bal Bog. Bal End. Bal 0 End. Bal. Sales Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal End. Bal

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