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✔ Question 1- Chapter 5: FIFO Mx Question 10- Chapter 5 Hamex I finished questions through 4 62'F Sunny Chapter 5: Homework eztoumheducation.com/ext/map/index.html?_con=con&external_browser-08&launchUrl=https%253A%2520 10 6.25 points Mc Graw Hill March 1 halance Materials Direct lah Overhead March 31 balance Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Lubricants, Incorporated, 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 Credit 11,200 Completed and transferred to Blending %2520ms.meducation.com%2525mghmiddleware%252Fmheproducts%2521lmsCloseWindow.htm#/activity/question-group/kEZA5sBkEPvRCoty7m... 151,000 64,700 475,000 Seared The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $8,600, direct labor, $3,900; and overhead, $20,700 Costs incurred during March in the Blending Department were: materials used. $46,000; direct labor, $17,200; 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, $706,000. (Credit Accounts Payable.) d. Manufacturing overhead was applied to production using a predetermined overhead rale. e. Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $652.000 1. 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, $1,300,000. The Cost of Goods Sold was $620,000. Raw materials Work in process-Blending Department Finished goods 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.) $ 212,600 $ 53,000 $ 18,000 < Prev H 0 L C 10 of 13 Next > Help Save & Exit Submit Return to question ^O te □ O 12:40 PM 7/3/2022
✔ Question 1- Chapter 5 FIFO Meix Question 10- Chapter 5 HamexC Get Homework Help With Cheg: * + eztoumheducation.com/ext/map/indexhtml?_con=con&external_browser=0&launchUrl=https%253A%252F% 62'F Sunny Chapter 5: Homework 10 6.25 points Mc Graw Hill 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, $705,000. (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, $652,000. Raw materials Mork in process Blending Department Finished goods 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, $1,300,000. The Cost of Goods Sold was $620,000. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2. Post the journal entries from [1] above to I-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) Complete this question by entering your answers in the tabs below. Required 2 No Transactions 1 8. Answer is not complete. $ 212,600 $53,000 $ 10,000 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account flold.) %2520ms.meducation.com%2525mghmiddleware%252Fmheproducts%2521lmsCloseWindow.htm#/activity/question-group/kEZA5sBkEPvRCoty7m... General Journal Work in process-Refining Department Work in process Blending Department Raw materials < Required 1 ✔ ✔ ✔ Seved Required 2 > Debit 151,600Ⓒ 53,000 < Prev 0 Credit 212,600 10 of 13 Next > Help Save & Exit Submit Return to question no te □ O 12:42 PM 7/3/2022 @
✔ Question 1- Chapter 5 FIFO Meix Question 10- Chapter 5 HamexC Get Homework Help With Cheg: * + eztoumheducation.com/ext/map/indexhtml?_con=con&external_browser=0&launchUrl=https%253A%252F% %2520ms.meducation.com%2525mghmiddleware%252Fmheproducts%2521lmsCloseWindow.htm#/activity/question-group/kEZA5sBkEPvRCoty7m... 62'F Sunny Chapter 5: Homework 10 625 points Mc Graw Hill RA..... materials 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.) in Department inished pods Required 1 Required 2 Complete this question by entering your answers in the tabs below. Post the journal entries from Requirement 1 to T-accounts. Accounts Receivable Beginning Balance Debit Ending Balance Leginning Dalance Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 0 Ending Balance Work in Process-Refining Department Debit Credit 0 Credit $ 217,600 € 51 900 $ 18,000 Answer is not complete. Debit Beginning Balance Ending Balance Beginning Balanca Ending Balance H Work in Process-Blending Department Debit Stund Raw Materials 0 0 0 < Prev Credit C Credit 10 of 13 Next > Help Save & Exit Submit Return to question no to □ O 12:41 PM 7/3/2022 @
Question 1- Chapter 5: FIFO Meix Question 10- Chapter 5 HamexC Get Homework Help With Cheg: * + eztoumheducation.com/ext/map/indexhtml?_con=con&external_browser=0&launchUrl=https%253A%252F% 62'F Sunny Chapter 5: Homework 10 6.25 points Mc Graw Hill Fading Balance Haginning Balance Ending Balance Beginning Balance Debit Beginning Balance Debil Ending Balance Debit Ending Balance 0 Finished Goods D Accounts Payable Sales Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Credit 0 Credit 0 Credit 0 Fading Balance Debit Beginning Balance Ending Balance Ending Balance Debit Beginning Balance %2520ms.meducation.com%2525mghmiddleware%252Fmheproducts%2521lmsCloseWindow.htm#/activity/question-group/kEZA5sBkEPvRCoty7m... Beginning Balance < Required 1 Ending Balance Debit 0 Salaries and Wages Payable Seared Manufacturing Overhead Cost of Goods Sold Required > > < Prev H 0 L C Credit 0 Credit 0 Credit 0 10 of 13 Next > Help Save & Exit Submit Return to question ^O te □ O 12:41 PM 7/3/2022