Saved Help Save & Exit Su hpt 5 Check my w Quality Brick Company produces bricks

Question

Saved Help Save & Exit Su hpt 5 Check my w 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, $29,600; and Firing Department, $4,40o. b. Direct labor costs incurred: Molding Department, $16,700; and Firing Department $5,000. c. Manufacturing overhead was applied: Molding Department, $22,500; and Firing Department, $35,000. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to eBook Print ferences process costing system, the cost of the unfired, molded bricks was $67,300. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's proces costing system, the cost of the finished bricks was $108,300 f. Finished bric ks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $1050 Required: lect "No journal entry Prepare journal entries to record items (e) through () above. (if no entry is required for a transaction/event, se required" in the first account field.) View transaction list Journal entry worksheet Prev f 2 Next AP 6

Explanation / Answer

Hope the above calculations, working and explanations are clear to you and help you in understanding the concept of question.... please rate my answer...in case any doubt, post a comment and I will try to resolve the doubt. Journal Entries Transaction General Journal Debit Credit (a) Work in Process - Molding Department $29,600 Work in Process - Fining Department $4,400 Raw Materials Inventory $34,000 (b) Work in Process - Molding Department $16,700 Work in Process - Fining Department $5,000 Wages Payable $21,700 (c ) Work in Process - Molding Department $22500 Work in Process - Fining Department $35000 Manufacturing Overheads $57500 (d) Work in Process - Fining Department $67300 Work in Process - Molding Department $67300 (e) Finished Goods Inventory $108,300    Work in Process - Fining Department $108,300 (f) Cost of Goods Sold $105,000 Finished Goods Inventory $105,000 1) Equivalent units of production units % Materials % Conversion Completed& transferred 340,000 100% 340,000 100% 340,000 Work in process ,ending 80,000 75% 60000 25% 20000 400,000 360,000 Materials Conversion Equivalent units of production 400,000 360,000 2) Cost per equivalent unit for the Blending Department Materials Conversion total Work in process,beginning 25,900 9,000 34,900 cost added during the June 270,100 192,600 462,700 total 296,000 201,600 497,600 Equivalent units of production 400,000 360,000 cost per equivalent units 0.74 0.56 1.3 Materials Conversion Cost per equivalent units 0.74 0.56 3) Cost of ending work in process inventory (60000*.74)+(20000*.56) 55600 4) Cost of units completed & transferred out (340000*1.3) 442000 5 Cost Reconcilation Cost to be accounted for Work in process,beginning 34,900 cost added during the June 462,700 total cost to be accounted for 497,600 Cost accounted for as follows: cost of ending work in process inventory 55600 Cost of units completed & transferred out 442000 total cost Accounted for 497,600

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