K 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, $29,400; and Firing Department, $5,100. b. Direct labor costs: Molding Department, $18,700; and Firing Department, $4,600. c. Manufacturing overhead was applied: Molding Department, $24,300; and Firing Department, $37,200. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. The cost of the unfired, molded bricks was $66,200. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. The cost of the finished bricks was $108,200. f. Finished bricks were sold to customers. The cost of the finished bricks sold was $106,100. Required: Prepare journal entries to record items (a) through (f) above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use a compound journal entry as needed for each transaction. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record issuance of raw materials for use in production. >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, $29,400; and Firing Department, $5,100.
b. Direct labor costs: Molding Department, $18,700; and Firing Department, $4,600.
c. Manufacturing overhead was applied: Molding Department, $24,300; and Firing Department, $37,200.
d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. The cost of the
unfired, molded bricks was $66,200.
e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. The cost of the
finished bricks was $108,200.
f. Finished bricks were sold to customers. The cost of the finished bricks sold was 106,100.
Required:
Prepare journal entries to record items (a) through (f) above.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Use a compound journal entry as needed for each transaction.
View transaction list
Journal entry worksheet
1
2
3 4 5 6
Record issuance of raw materials for use in production.
>
Transcribed Image Text:k 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, $29,400; and Firing Department, $5,100. b. Direct labor costs: Molding Department, $18,700; and Firing Department, $4,600. c. Manufacturing overhead was applied: Molding Department, $24,300; and Firing Department, $37,200. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. The cost of the unfired, molded bricks was $66,200. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. The cost of the finished bricks was $108,200. f. Finished bricks were sold to customers. The cost of the finished bricks sold was 106,100. Required: Prepare journal entries to record items (a) through (f) above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use a compound journal entry as needed for each transaction. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record issuance of raw materials for use in production. >
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