Question

Exercise 4-1 Process Costing Journal Entries [LO4-1] Quality Brick Company produces bricks in two processing departments—Molding...

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:


a.

Raw materials were issued for use in production: Molding Department, $28,400; and Firing Department, $4,800.

b.

Direct labor costs were incurred: Molding Department, $17,200; and Firing Department, $4,100.

c.

Manufacturing overhead was applied: Molding Department, $24,400; and Firing Department, $37,600.

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 $65,900.

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 $108,200.

f.

Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $105,800.


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.)

Journal entry worksheet

Record issuance of raw materials for use in production.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
a.

Journal entry worksheet

Record direct labor costs incurred.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
b.

Journal entry worksheet

Record entry to apply manufacturing overhead.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
c.

Journal entry worksheet

Record transfer of unfired, molded bricks from the Molding Department to the Firing Department.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
d.

Journal entry worksheet

Record transfer of finished bricks from the Firing Department to the finished bricks warehouse.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
e.

Journal entry worksheet

Record cost of goods sold.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
f.

please show steps and explain the solution for me

Homework Answers

Answer #1

Required journal entries are as prepared below:

Date Particulars L.F Amount ($) Amount ($)
a. Work in process-Molding Department 28,400
Work in Process- Firing Department 4,800
Raw Material 33,200
b. Work in process-Molding department 17,200
Work in process- Firing department 4,100
Wages payable 21,300
c. Work in process-Molding department 34,400
Work in process- Firing department 37,600
Manufacturing overhead 72,000
d. Work in process- Firing department 65,900
Work in process-Molding department 65,900
e. Finished Goods 1,08,200
Work in process- Firing department 1,08,200
f. Cost of goods sold 1,05,800
Finished Goods 1,05,800
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