Goods. 15. What is the total cost to be accounted for? What is the total cost accounted Mc Graw Hill Education connect ACCOUNTING All applicable exercises are available with McGraw-Hill's Connect® Accounting. 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 were issued for use in production: Molding Department, $23,000; and Firing Department, $8,000. b. a. Direct labor costs were incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. Unfired, molded bricks were transferred from the Molding Department to the Firing Depart- ment. According to the company's process costing system, the cost of the unfired, molded bricks was $57,000. Finished bricks were transferred from the Firing Department to the finished goods ware- house. According to the company's process costing system, the cost of the finished bricks was $103,000. Finished bricks were sold to customers. According to the company's process costing systel. C. d. e. f. the cost of the finished bricks sold was $101.000. Required: Prepare journal entries to record items (a) through (f) above.
Goods. 15. What is the total cost to be accounted for? What is the total cost accounted Mc Graw Hill Education connect ACCOUNTING All applicable exercises are available with McGraw-Hill's Connect® Accounting. 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 were issued for use in production: Molding Department, $23,000; and Firing Department, $8,000. b. a. Direct labor costs were incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. Unfired, molded bricks were transferred from the Molding Department to the Firing Depart- ment. According to the company's process costing system, the cost of the unfired, molded bricks was $57,000. Finished bricks were transferred from the Firing Department to the finished goods ware- house. According to the company's process costing system, the cost of the finished bricks was $103,000. Finished bricks were sold to customers. According to the company's process costing systel. C. d. e. f. the cost of the finished bricks sold was $101.000. Required: Prepare journal entries to record items (a) through (f) above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Goods.
15. What is the total cost to be accounted for? What is the total cost accounted
Mc
Graw
Hill
Education
connect
ACCOUNTING
All applicable exercises are available with McGraw-Hill's Connect® Accounting.
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 were issued for use in production: Molding Department, $23,000; and Firing
Department, $8,000.
b.
a.
Direct labor costs were incurred: Molding Department, $12,000; and Firing Department,
$7,000.
Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department,
$37,000.
Unfired, molded bricks were transferred from the Molding Department to the Firing Depart-
ment. According to the company's process costing system, the cost of the unfired, molded
bricks was $57,000.
Finished bricks were transferred from the Firing Department to the finished goods ware-
house. According to the company's process costing system, the cost of the finished bricks was
$103,000.
Finished bricks were sold to customers. According to the company's process costing systel.
C.
d.
e.
f.
the cost of the finished bricks sold was $101.000.
Required:
Prepare journal entries to record items (a) through (f) above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85e39e9b-3b6a-4fb6-8406-b63a567ff03b%2Fbed47b85-9c9d-4a4c-b3c3-2b818c683f41%2Fhji1n1.jpeg&w=3840&q=75)
Transcribed Image Text:Goods.
15. What is the total cost to be accounted for? What is the total cost accounted
Mc
Graw
Hill
Education
connect
ACCOUNTING
All applicable exercises are available with McGraw-Hill's Connect® Accounting.
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 were issued for use in production: Molding Department, $23,000; and Firing
Department, $8,000.
b.
a.
Direct labor costs were incurred: Molding Department, $12,000; and Firing Department,
$7,000.
Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department,
$37,000.
Unfired, molded bricks were transferred from the Molding Department to the Firing Depart-
ment. According to the company's process costing system, the cost of the unfired, molded
bricks was $57,000.
Finished bricks were transferred from the Firing Department to the finished goods ware-
house. According to the company's process costing system, the cost of the finished bricks was
$103,000.
Finished bricks were sold to customers. According to the company's process costing systel.
C.
d.
e.
f.
the cost of the finished bricks sold was $101.000.
Required:
Prepare journal entries to record items (a) through (f) above.
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