Lubricants, Inc. , roduces a special kind of grease that is widely used by race
ID: 2408302 • Letter: L
Question
Lubricants, Inc. , roduces a special kind of grease that is widely used by race car drivers. The grease is pro departments-Refining and Blending. Raw materials are introduced at various points in the Refining Department duced in two processing The following incomplete Work in Process account is available for the Refining Department for March 27090) 32,900 Completed and transferred to Blending March 1 balance 2:27:02 Materials Direct labor Overhead March 31 balänce 142,600 77,280 486,000 Book Print ect labor neThe March 1 work in process inventory in the Refining Department consists of the following elements: materials.s rences $3.600: and overhead, $21400 in the Blending Department were: materials used, $45.000, direct labor, $16.500: and overhead cost applied to production, $102,000 Required: your entries to the items (a) through (g) below. to record the costs incurred in both the Refining Department and Blending Department during March.KeyExplanation / Answer
Journal entries Debit Credit a Work in progress -refining 142600 Work in orgress - blending 45000 Raw material inventory 187600 b Work in progress -refining 77200 Work in orgress - blending 16500 Wages payable 93700 c Manufacturing overheads 716000 Accounts payable 716000 d Work in progress -refining 486000 Work in orgress - blending 102000 Manufacturing overheads 588000 e Work in progress blending 632000 Work in progress - refining 632000 f Finished goods inventory 760000 Work in progress - blending 760000 g Accounts receivable 1330000 Sales revenue 1330000 Cost of goods sold 600000 Finished goods inventory 600000 Raw material Blending Finished Beginning 213600 40000 13000 Add Added during the year 0 795500 760000 Less Transferred 187600 760000 600000 Ending 26000 75500 173000
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