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, $27,600; and Firing Department, $4,100. b. Direct labor costs incurred: Molding Department, $19,600; and Firing Department, $4,200. c. Manufacturing overhead was applied: Molding Department, $23,900; and Firing Department, $36,600. 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 $67,700. 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 $108,000. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,200. Required: Prepare journal entries to record items (a) through (f) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use a compound journal entry as needed for each transaction.)

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, $27,600; and Firing Department, $4,100. b. Direct labor costs incurred: Molding Department, $19,600; and Firing Department, $4,200. c. Manufacturing overhead was applied: Molding Department, $23,900; and Firing Department, $36,600. 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 $67,700. 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 $108,000. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,200. Required: Prepare journal entries to record items (a) through (f) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use a compound journal entry as needed for each transaction.)

Name: Exercise 4-1 (Algo) Process Costing Journal Entries [LO 4-1]Quality B
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Description: Exercise 4-1 (Algo) Process Costing Journal Entries [LO 4-1]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:

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 41E: Basic Cost Flows Linsenmeyer Company produces a common machine component for industrial equipment in...

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