EXERCISE 4-1 Process Costing Journal Entries LO4-1 Quality Brick Company produces bricks in two processing departments-Molding and Firing Information relating to the company's operations in March follows: Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000 b. a. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firin Department. According to the company's process costing system, the cost of the unfirec molded bricks was $57,000. Finished bricks were transferred from the Firing Department to the finished goods warehouse According to the company's process costing system, the cost of the finished bricks was $103,000 f. Finished bricks were sold to customers. According to the company's process costing system the cost of the finished bricks sold was $101,000. с. е. Required: Prepare journal entries to record items (a) through (f) above.
EXERCISE 4-1 Process Costing Journal Entries LO4-1 Quality Brick Company produces bricks in two processing departments-Molding and Firing Information relating to the company's operations in March follows: Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000 b. a. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firin Department. According to the company's process costing system, the cost of the unfirec molded bricks was $57,000. Finished bricks were transferred from the Firing Department to the finished goods warehouse According to the company's process costing system, the cost of the finished bricks was $103,000 f. Finished bricks were sold to customers. According to the company's process costing system the cost of the finished bricks sold was $101,000. с. е. Required: Prepare journal entries to record items (a) through (f) above.
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Transcribed Image Text:EXERCISE 4-1 Process Costing Journal Entries LO4-1
Quality Brick Company produces bricks in two processing departments-Molding and Firing
Information relating to the company's operations in March follows:
Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000
b.
a.
Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000.
Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen
$37,000.
d. Unfired, molded bricks were transferred from the Molding Department to the Firin
Department. According to the company's process costing system, the cost of the unfirec
molded bricks was $57,000.
Finished bricks were transferred from the Firing Department to the finished goods warehouse
According to the company's process costing system, the cost of the finished bricks was $103,000
f. Finished bricks were sold to customers. According to the company's process costing system
the cost of the finished bricks sold was $101,000.
с.
е.
Required:
Prepare journal entries to record items (a) through (f) above.
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