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Prepare a production report for the Refinning Department for March

Prepare a production report for the Refinning Department for March

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: Work in Process Refining Department March 1 inventory (20,000gal; 100% complete as to materials: 90% complete as to labor and overhead) Materials cost added: Materials (390.000gal) Direct labor $ 38,000 Overhead 495,000 72,000 181,000 March 31 inventory (40,000gal; 75% complete as to materials 25% complete as to labor and overhead) Completed and transferred to Blending The March 1 work in process inventory in the Refining Department consists of the following elements: material $25,000; direct labor, $4,000; and overhead, $9,000. 3. Prepare a production report for the Refinning Department for March
Transcribed Image Text: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: Work in Process Refining Department March 1 inventory (20,000gal; 100% complete as to materials: 90% complete as to labor and overhead) Materials cost added: Materials (390.000gal) Direct labor $ 38,000 Overhead 495,000 72,000 181,000 March 31 inventory (40,000gal; 75% complete as to materials 25% complete as to labor and overhead) Completed and transferred to Blending The March 1 work in process inventory in the Refining Department consists of the following elements: material $25,000; direct labor, $4,000; and overhead, $9,000. 3. Prepare a production report for the Refinning Department for March
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