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, $27,300; and Firing Department, $4,800. b. Direct labor costs incurred: Molding Department, $17,800; and Firing Department, $5,000. c. Manufacturing overhead was applied: Molding Department, $24,300; and Firing Department, $37,300. 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 $68,100. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's proces costing system, the cost of the finished bricks was $109,100. f. Finished bricks were sold to customers. According to the company's process costing system, the cost the finished bricks sold was $105,200. Required: Prepare journal entries to record items (a) through (f) above. (If no entry is required for a transaction/event, select "No journal entry

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, $27,300; and Firing Department, $4,800. b. Direct labor costs incurred: Molding Department, $17,800; and Firing Department, $5,000. c. Manufacturing overhead was applied: Molding Department, $24,300; and Firing Department, $37,300. 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 $68,100. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's proces costing system, the cost of the finished bricks was $109,100. f. Finished bricks were sold to customers. According to the company's process costing system, the cost the finished bricks sold was $105,200. Required: Prepare journal entries to record items (a) through (f) above. (If no entry is required for a transaction/event, select "No journal entry

Name: Ashvin Quality Brick Company produces bricks in two processing departm
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Description: Ashvin Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company'soperations in March follows:a. Raw materials used in production: Molding Department, $27,300; and Firing Department, $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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