1 answer

On "Required 1" please do the 1-8 which is the a-g. Problem 4-17 Cost Flows (LO...

Question:

Problem 4-17 Cost Flows (LO 4-1) Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers.
a. Raw materials used in production. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire
Homework Saved Help So Required 1 Required 2 Prepare journal entries to record the costs incurred in both the Refining Depart
HEP Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the journal entries from Re
End. Bal End, Bal Finished Goods Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. o Accounts Payable Salaries a

On "Required 1" please do the 1-8 which is the a-g.
Problem 4-17 Cost Flows (LO 4-1) 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 Work in Process-Refining Department 33,100 Completed and transferrel to Blending 155,600 80.200 486,000 Materials Direct labor Overhead March 31 balance The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,000: direct labor. $3,600; and overhead, $21.500. Costs incurred during March in the Blending Department were: materials used, $45,000; direct labor, $17,900; 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, $626,000. (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, $632,000 f. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $ 730,000 g. Completed units were sold on account. $1,470,000. The Cost of Goods Sold was $660,000. < Prey 5 of 10 !!! Next >
a. Raw materials used in production. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, $626,000. (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, $632,000. f. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $730,000. g. Completed units were sold on account, $1,470,000. 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 Department's Work in Process is given in the T-account shown above.) Raw materiala Work in process slending Department Finished goods $207,600 $ 59,000 $ 22,000 Complete this question by entering your answers in the tabs below. 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.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 < Prey 5 of 10 Next >
Homework Saved Help So 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 held.) View transaction list Journal entry worksheet 2 3 4 5 6 7 Record issuance of raw materials to Refining and Blending Department. nces Note: Enter debits before credits Transactions General Journal Debit Credit Record entry Clear entry View general journal < Prev 5 of 10 Next >
HEP Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the journal entries from Requirement 1 to T-accounts. Accounts Receivable Raw Materials Beg Bal Beg. Bal. End. Bal. Work in Process Refining Department Work in Process --Blending Department Beg Bal Beg Bal Finished Goods Manufacturing Overhead Beg Bal End. Bal 0 0 Accounts Pavable Salaries and Wanas Pavale Prov Naut
End. Bal End, Bal Finished Goods Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. o Accounts Payable Salaries and Wages Payable Beg. Bal. Beg. Bal End. Bal. End. Bal. Sales Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 < Required 1

Answers

Solution 1:

DF Credit Journal Entries - Lubricants Inc. Event Particulars Debit a Work In Process - Refining department Dr $155,600.00 Wo

Solution 2:

MN | Particulars March 1 balance Raw materials inventory Debit Particulars $207,600.00 Material used Credit $200,600.00 March

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