es Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the...
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es 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, $29,700; and Firing Department, $4,600. b. Direct labor costs incurred: Molding Department, $16,500; and Firing Department, $5,400. c. Manufacturing overhead was applied: Molding Department, $23,900; and Firing Department, $37,700. 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 $67,000. 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 $107,300. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,900. Required: Prepare journal entries to record items (a) through (f) above. (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. Note: Enter debits before credits. Transaction a General Journal Debit Credit Prev 1 of 4 Next > es 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, $29,700; and Firing Department, $4,600. b. Direct labor costs incurred: Molding Department, $16,500; and Firing Department, $5,400. c. Manufacturing overhead was applied: Molding Department, $23,900; and Firing Department, $37,700. 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 $67,000. 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 $107,300. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,900. Required: Prepare journal entries to record items (a) through (f) above. (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. Note: Enter debits before credits. Transaction a General Journal Debit Credit Prev 1 of 4 Next >
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Here are the journal entries to record items a through f a Record issuance of raw materials for use ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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