Chapter 4 Practice Problems

Chapter 4 Practice Problems - Instructor D Mason ACTY 2110...

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Instructor: D. Mason ACTY 2110 Spring 2008 Chapter 4- Practice Problem 1 Exercise 4-1 Process Costing Journal Entries [LO1] Arizona Brick Corporation 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, $28,000; and Firing Department, $5,000. b. Direct labor costs were incurred: Molding Department, $18,000; and Firing Department, $5,000. c. Manufacturing overhead was applied: Molding Department, $24,000; and Firing Department, $37,000. 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 $67,000. 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 $108,000. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $106,000.
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