20.00 points Quality Brick Company produces bricks in two processing departments

Question

20.00 points Quality Brick Company produces bricks in two processing departments-Molding and Fling Information relating to the company's operations in March follows: a Raw materials were issued for use in production: Molding Department, $27,600, and Firing Department $4,500 b. Direct labor costs were incurred: Molding Department, $18,200, and Firing Department, $4,500 c. Manufacturing overhead was applied: Molding Department, $23,000, and Firing Department, $38,200 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 $69,300. to the company's process costing system, the cost of the finished bricks was $107,200 the finished bricks sold was $105,400 e Finished bricks were transferred from the Firing Department to the finished goods warehouse. According 1 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 1 2 3 4 5 6 Record issuance of raw materials for use in production. Note: Enter debits before credits. General Journal Debit Credit Transaction Record entry Clear entry View general journal

Explanation / Answer

Solution: Date General Journal Debit Credit a. Work in process-Molding Department 27,600 Work in process-Firing Department 4,500 Raw materials 32,100 Notes: [Raw materials = 27,600+4,500 = 32,100] Date General Journal Debit Credit b. Work in process-Molding Department 18,200 Work in process-Firing Department 4,500 Wages payable 22,700 Notes: [Wages payable = 18,200+4,500 = 22,700] Date General Journal Debit Credit c. Work in process-Molding Department 23,000 Work in process-Firing Department 38,200 Manufacturing overhead 61,200 Notes: [Manufacturing Overhead = 23,000 + 38,200 = 61,200] Date General Journal Debit Credit d. Work in process-Firing Department 69,300 Work in process-Molding Department 69,300 Date General Journal Debit Credit e. Finished goods 107,200 Work in process-Firing Department 107,200 Date General Journal Debit Credit f. Cost of goods sold 105,400 Finished goods 105,400 Please feel free to ask if anything about above solution in comment section of the question.

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