Check my work Exercise 5-1 Process Costing Journal Entries [LO5-1] Quality Brick
ID: 2342146 • Letter: C
Question
Check my work Exercise 5-1 Process Costing Journal Entries [LO5-1] Quality Brick Company produces bricks in two processing departments- Molding and Firing. Information relating to the company's operations in March follows: eBook Ask a. Raw materials used in production: Molding Department, $23,000, and Firing b. Direct labor costs incurred: Molding Department, $12,000; and Firing Department c. Manufacturing overhead was applied: Molding Department, $25,000: and Firing d. Unfired, molded bricks were transferred from the Molding Department to the Firing e. Finished bricks were transferred from the Firing Department to the finished goods f. Finished bricks were sold to customers. According to the company's process costing Department, $8,000. $7,000 Department, $37,000. Department. According to the company's process costing system. the cost of the unfired, molded bricks was $57,000. warehouse. According to the company's process costing system, the cost of the finished bricks was $103,000. system, the cost of the finished bricks sold was $101,000. Required: Prepare journal entries to record items (a) through (1) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) E Next>
Explanation / Answer
Journal entry :
Date account and explanation debit credit Finished goods 103000 Work in process-Firing department 103000 (To record transferred) Cost of goods sold 101000 Finished goods 101000 (To record cost of goods sold)