Please help me solve this question. It’s from a managerial accounting class.
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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 twoprocessing 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 balance 31,300 Completed and transferredto Blending ?Materials 155,600Direct labor 80,200Overhead 472,000March 31 balance ? The March 1 work in process inventory in the Refining Department consists ofthe following elements: materials, $7,800;direct labor, $3,700; and overhead, $19,800. Costs incurred during March in the Blending Department were: materials used, $45,000; direct labor, $17,300; and overheadcost applied to production, $105,000.
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