Quality Brick Company produces bricks in two processing departments-Molding and
ID: 2541420 • 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 used in production: Molding Department, $28,800; and Firing Department, $4,900 b. Direct labor costs incurred: Molding Department, $18,600; and Firing Department, $5,000 c. Manufacturing overhead was applied: Molding Department, $23,700; and Firing Department, $37,900. 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 $68,900 costing system, the cost of the finished bricks was $108,300 was $103,500 e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's process f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold Required: Prepare journal entries to record items (a) through (1 above. (If no entry is required for a transaction/event, slect"No journal entry required" in the first account field.)Explanation / Answer
Journal Entries (Amount in $)
Transaction General Journal Debit Credit a) Work in process-Molding Department 28,800 Work in process-Firing Department 4,900 Raw materials 33,700 b) Work in process-Molding Department 18,600 Work in process-Firing Department 5,000 Wages payable 23,600 c) Work in process-Molding Department 23,700 Work in process-Firing Department 37,900 Manufacturing Overhead 61,600 d) Work in process-Firing Department 68,900 Work in process-Molding Department 68,900 e) Finished Goods 108,300 Work in process-Firing Department 108,300 f) Cost of goods sold 103,500 Finished Goods 103,500