1) Required Create Journal Entries with following data. 2) Prepare T-Accounts wi
ID: 2396166 • Letter: 1
Question
1) Required Create Journal Entries with following data. 2) Prepare T-Accounts with data (Started but some incorrect) Cuevana Blackboard 3 Lubricants, Inc, departments-Refining produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing and Blending. Raw materials are introduced at various points in the Refining Department The folowing incomplete Work in Process account is availeble for the Refining Department for March points to ?!ending 248,600 Pint The March 1 work in process inventory in the Refining Department consists of the following elements: meterials. $8.200; drect $3,500, and overhead, $21,000. ReferencesC Costs incurred during March in the Blending Department were: matenials used, $45.000, direct labor, $16,900 and overhead cost applied to production, $102.000 Required: 1, Prepare journal entries to record the costs incurned in both the Refining Department and Btlending Department during March Key your entries to the items (aj through (g) below a. Raw materials used in production. b Direct labor costs incurred c Manufacturing overhead costs incurred for the entire factory. $676.000. (Credit Accounts PayableJ d. Manufacturing overhead was applied to production using a predetermined overhead rate e Units that were compiete with respect to processing in the Refining Department were transterred to the Biending Depanment $562,000 t Units that were complete with respect to processing in the Blending Depertment were transferred to Finished Goods, $750,000 g Completed units were sold on account $1,430.000 The Cost of Goods Sold wos $640.000 2. Post the journal entries from (t) above to Taccounts. The failowing account batances existed at the beginning of March (The beginning balance in the Refining Department's Work in Process is given in the T-account showr aw naterlals 5 206.63 6B sextExplanation / Answer
1) Accounts and Explanation Debit Credit a. Work in Process—Refining Department $148,600.00 Work in Process—Blending Department $45,000.00 Raw Materials $193,600.00 b. Work in Process—Refining Department $68,200.00 Work in Process—Blending Department $16,900.00 Salaries and wages payable $85,100.00 c. Manufacturing overhead $676,000.00 Accounts Payable $676,000.00 d. Work in Process—Refining Department $473,000.00 Manufacturing Overhead $473,000.00 Work in Process—Blending Department $102,000.00 Manufacturing Overhead $102,000.00 e. Work in Process—Blending Department $662,000.00 Work in Process—Refining Department $662,000.00 f. Finished Goods $750,000.00 Work in Process—Blending Department $750,000.00 g. Accounts Recivables $1,430,000.00 Sales $1,430,000.00 h. Cost of Good Sold $640,000.00 Finished Goods $640,000.00 b) Accounts Receivable Raw Materials (g) $1,430,000.00 Bal. $206,600.00 (a) $193,600.00 Bal. $13,000.00 Work in Process Work in Process Refining Department Blending Department Bal. $32,700.00 (e) $662,000.00 Bal. $56,000.00 (f) $750,000.00 (a) $148,600.00 (a) $45,000.00 (b) $68,200.00 (b) $16,900.00 (d) $473,000.00 (d) $102,000.00 Bal. $60,500.00 (e) $662,000.00 Bal. $131,900.00 Finished Goods Manufacturing Overhead Bal. 16000 (g) $640,000.00 (c) $676,000.00 (d) $102,000.00 (f) $750,000.00 Bal. $574,000.00 Bal. $126,000.00 Accounts Payable Salaries and Wages Payable (c) $676,000.00 (b) $85,100.00 Sales Cost of Goods Sold (g) $1,430,000.00 (g) $640,000.00
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