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, $30,000; and Firing Department, $5,600. b. Direct labor costs incurred: Molding Department, $17,400; and Firing Department, $4,700. c. Manufacturing overhead was applied: Molding Department, $24,200, and Firing Department, $39,900. 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 $67,500. e. 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 $109.300 (Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold wan $106.200 Required: Prepare journal entries to record items (a) through (1) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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, $30,000; and Firing Department, $5,600. b. Direct labor costs incurred: Molding Department, $17,400; and Firing Department, $4,700. c. Manufacturing overhead was applied: Molding Department, $24,200, and Firing Department, $39,900. 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 $67,500. e. 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 $109.300 (Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold wan $106.200 Required: Prepare journal entries to record items (a) through (1) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
Please help me
Transcribed Image Text:**Quality Brick Company - March Operations**
Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company's operations in March follows:
1. **Raw Materials Used in Production:**
- Molding Department: $30,000
- Firing Department: $5,600
2. **Direct Labor Costs Incurred:**
- Molding Department: $17,400
- Firing Department: $4,700
3. **Manufacturing Overhead Applied:**
- Molding Department: $24,200
- Firing Department: $39,900
4. **Transfer of Unfired Bricks:**
- 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 $67,500.
5. **Transfer of Finished Bricks:**
- 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 $109,300.
6. **Sale of Finished Bricks:**
- Finished bricks were sold to customers.
- According to the company’s process costing system, the cost of the finished bricks sold was $106,200.
**Required:**
Prepare journal entries to record items (1) through (6) above. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)*
**Image Description:**
This text is a series of financial bullet points and requirements for the journal entries of a brick manufacturing company. There are no visible graphs or diagrams in the image that need further explanation.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education