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

Beginning work in process 70,000 Completed & transferred 340,000 started during the year 350,000 Ending work in process 80,000 units to account for 420,000 units accounted for 420,000 1) Equivalent units of production units %mat Materials %CC CC Completed & transferred 340,000 100% 340,000 100% 340,000 Ending work in process 80,000 75% 60,000 25% 20,000 Equilvalent units of production 400,000 360,000 answer 2) Cost per Equivalent units Materials CC total work in process,beginning 25,900 9,000 34,900 cost added during June 278,100 192,600 470,700 tota cost (A) 304,000 201,600 505,600 Equivalent units (B) 400,000 360,000 cost per unit c=a/b 0.76 0.56 1.32 answer 3) Cost of ending work in process Materials (60,000*.76) 45600 CC (20,000*.56) 11200 total cost of Ending work in process 56800 4) Cost of units transferred out Materials (340,000*.76 258400 CC (340,000*.56) 190400 Cost of units transferred out 448800 5) Cost Reconciliation Report cost to be accounted Beginning work in process 34,900 cost added during the year 470,700 cost to be accounted 505,600 cost accounted for cost of ending work in process 56800 cost of units transferred out 448800 cost accounted for 505600

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