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. Direct labor costs incurred: Molding Department, $12,000; and Firing Department, $7,000. Manufacturing overhead was applied: Molding Department, $25,000; and Firing Department, $37,000. 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 $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. Finished bricks were sold to customers. According to the company’s process costing system, the cost of the finished bricks sold was $101,000. Required: Prepare journal entries to record items (a) through (f) above

The Journal Entries to record the transactions in the books of Quality Brick Company are as follows:

a. Debit Work in Process:

 Molding Department $23,000

 Firing Department $8,000

Credit Raw materials $31,000

b. Debit Work in Process:

 Molding Department $12,000

 Firing Department $7,000

Credit Payroll costs $19,000

c. Debit Work in Process:

 Molding Department $25,000

 Firing Department $37,000

Credit Manufacturing overhead $62,000

d. Debit Work in Process: Firing Department $57,000

Credit Work in Process: Molding $57,000

e. Debit Finished Goods Inventory $103,000

Credit Work in Process: Firing Department $103,000

f. Debit Cost of goods sold $101,000

Credit Finished Goods Inventory $101,000

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Explanation:

The journal entries are shown below:

a. Work-in-Process - Molding Department$23,000  

   Work-in-Process - Firing Department$8,000  

                                To Direct Materials  $31,000

(Being the direct materials  is recorded)

b. Work-in-Process - Molding Department$12,000  

     Work-in-Process - Firing Department$7,000  

                          To Direct Labor  $19,000

(Being the direct labor used is  recorded)

c. Work-in-Process - Molding Department$25,000  

Work-in-Process - Firing Department$37,000  

                 To Manufacturing Overhead  $62,000

(Being the manufacturing overhead recorded)

d. Work-in-Process - Firing Department$57,000  

                 To Work-in-Process - Molding Department  $57,000

(Being the transfer of product is recorded)

e.Finished Goods$103,000  

               To Work-in-Process - Firing Department  $103,000

(Being the transfer of product is recorded)

f. Cost of goods sold$101,000  

                To Finished Goods  $101,000

(Being  the cost of goods of sold is recorded)

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