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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
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. $23,000; and Firing Department, $8,000. b. Direct labor costs incurred: Molding Department. $12.000; and Firing Department, $7,000. c. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. 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 $57000, 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 $103.000, . Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $101,000. 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.) Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 1 Percent Completed Materials Conversion 65% 30% 30% 00% Units 30,000 15,000 inces The department started 175.000 units into production during the month and transferred 190,000 completed units to the next department
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