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, $27,100; and Firing Department, $4,400.b. Direct labor costs incurred: Molding Department, $17,000; and Firing Department, $5,500.c. Manufacturing overhead was applied: Molding Department, $24,400; and Firing Department, $39,700.d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company'sprocess costing system, the cost of the unfired, molded bricks was $69,900.e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's processcosting system, the cost of the finished bricks was $107,200.f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks soldwas $103,100.Required:Prepare journal entries to record items (a) through (f) above. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet<123 4 5 6Record issuance of raw materials for use in production.Note: Enter debits before credits.Transactiona.General JournalDebitCredit

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Description: 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, $27,100; and Firing Department, $4,400.

Journal entry is an art of recording, summarizing and classifying the business transactions in the…

Business

Accounting

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, $27,100; and Firing Department, $4,400. b. Direct labor costs incurred: Molding Department, $17,000; and Firing Department, $5,500. c. Manufacturing overhead was applied: Molding Department, $24,400; and Firing Department, $39,700.

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, $27,100; and Firing Department, $4,400. b. Direct labor costs incurred: Molding Department, $17,000; and Firing Department, $5,500. c. Manufacturing overhead was applied: Molding Department, $24,400; and Firing Department, $39,700.

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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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, $27,000; and Firing Department, $4,500. b. Direct labor costs: Molding Department, $18,600; and Firing Department, $4,600. c. Manufacturing overhead was applied: Molding Department, $23,700; and Firing Department, $37,900. 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 $108,600. f. Finished bricks were sold to customers. The cost of the finished bricks sold was $106,200. 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…
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