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EXERCISE 4-1 Process Costing Journal Entries LO4-1 Quality Brick Company produces bricks in two processing departments-Molding and Firing Information relating to the company's operations in March follows: Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000 b. a. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firin Department. According to the company's process costing system, the cost of the unfirec molded bricks was $57,000. 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 f. Finished bricks were sold to customers. According to the company's process costing system the cost of the finished bricks sold was $101,000. с. е. Required: Prepare journal entries to record items (a) through (f) above.

EXERCISE 4-1 Process Costing Journal Entries LO4-1 Quality Brick Company produces bricks in two processing departments-Molding and Firing Information relating to the company's operations in March follows: Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000 b. a. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firin Department. According to the company's process costing system, the cost of the unfirec molded bricks was $57,000. 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 f. Finished bricks were sold to customers. According to the company's process costing system the cost of the finished bricks sold was $101,000. с. е. Required: Prepare journal entries to record items (a) through (f) above.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter20: Process Cost Systems
Section: Chapter Questions
Problem 20.1APR: Entries for process cost system FloorMate Carpet Company manufactures carpets. Fiber is placed in...
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EXERCISE 4-1 Process Costing Journal Entries LO4-1 Quality Brick Company produces bricks in two processing departments-Molding and Firing Information relating to the company's operations in March follows: Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000 b. a. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firin Department. According to the company's process costing system, the cost of the unfirec molded bricks was $57,000. 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 f. Finished bricks were sold to customers. According to the company's process costing system the cost of the finished bricks sold was $101,000. с. е. Required: Prepare journal entries to record items (a) through (f) above.
Transcribed Image Text:EXERCISE 4-1 Process Costing Journal Entries LO4-1 Quality Brick Company produces bricks in two processing departments-Molding and Firing Information relating to the company's operations in March follows: Raw materials used in production: Molding Department, $23,000; and Firing Department, $8,000 b. a. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Departmen $37,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firin Department. According to the company's process costing system, the cost of the unfirec molded bricks was $57,000. 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 f. Finished bricks were sold to customers. According to the company's process costing system the cost of the finished bricks sold was $101,000. с. е. Required: Prepare journal entries to record items (a) through (f) above.
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