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Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations...

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Accounting

Quality Brick Company produces bricks in two processingdepartments—Molding and Firing. Information relating to thecompany’s operations in March follows:

  1. Raw materials used in production: Molding Department, $29,000;and Firing Department, $5,600.
  2. Direct labor costs incurred: Molding Department, $17,600; andFiring Department, $5,600.
  3. Manufacturing overhead was applied: Molding Department,$25,700; and Firing Department, $35,700.
  4. Unfired, molded bricks were transferred from the MoldingDepartment to the Firing Department. According to the company’sprocess costing system, the cost of the unfired, molded bricks was$70,000.
  5. Finished bricks were transferred from the Firing Department tothe finished goods warehouse. According to the company’s processcosting system, the cost of the finished bricks was $108,000.
  6. Finished bricks were sold to customers. According to thecompany’s process costing system, the cost of the finished brickssold was $104,000.

Answer & Explanation Solved by verified expert
3.6 Ratings (501 Votes)

Debit Credit
a Work in process-Molding Department 29000
Work in process-Firing Department 5600
         Raw materials 34600
b Work in process-Molding Department 17600
Work in process-Firing Department 5600
       Wages payable 23200
c Work in process-Molding Department 25700
Work in process-Firing Department 35700
       Manufacturing overhead 61400
d Work in process-Firing Department 70000
       Work in process-Molding Department 70000
e Finished goods 108000
      Work in process-Firing Department 108000
f Cost of goods sold 104000
     Finished goods 104000

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