Quality Brick Company produces bricks in two processing departments-Molding and
ID: 2413971 • Letter: Q
Question
Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials were issued for use in production: Molding Department, $23,000; and Firing Department $8,000. b. Direct labor costs were incurred: Molding Department, $12,000; and Firing Department, $7,000 c. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's process costing system, the cost of the unfired, molded bricks was $57,000. to the company's process costing system, the cost of the finished bricks was $103,000. the finished bricks sold was $101,000. e.Finished bricks were transferred from the Firing Department to the finished goods warehouse. According f. Finished bricks were sold to customers. According to the company's process costing system, the cost of Required: Prepare journal entries to record items (a) through () above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record issuance of raw materials for use in production. Note: Enter debits before credits. Debit Credit Record entry Clear entry View general journalExplanation / Answer
Date Particulars Debit Credit (a) Work in process- MoldingDepartment $23,000 Work in process-FiringDepartment $8,000 Raw materials $31,000 (b) Dr. Work in process- MoldingDepartment $12,000 Dr. Work in process-FiringDepartment $7,000 Wages payable $19,000 (c) Work in process- MoldingDepartment $25,000 Work in process-FiringDepartment $37,000 Manufacturing overhead $62,000 (d) Work in process-FiringDepartment $57,000 Work in process- MoldingDepartment $57,000 (e) Finished goods $103,000 Work in process-FiringDepartment $103,000 (f) Cost of goods sold $101,000 Finished goods $101,000