Exercise 4 - Y76uuuuuu b Exercise 4-1 Process Costing...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Y76uuuuuu b Exercise 4-1 Process Costing Journal Entries [LO1] 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 were issued for use in production: Molding Department, $26,900; and Firing Department, $6,000. b. Direct labor costs were incurred: Molding Department, $17,700; and Firing Department, $6,000. c. Manufacturing overhead was applied: Molding Department, $23,400; and Firing Department, $39,900. 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 $66,900. 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 $108,700. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $105,100. Required: Prepare journal entries to record items (a) through (f) above. (Omit the "$" sign in your response.) General Journal Debit Credit a. Work in process-Molding Department
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
26900 Work in process-Firing Department 6000 Raw materials 32900 b. Work in process-Molding Department 17700 Work in process-Firing Department 6000 Wages payable 23700 c. Work in process-Molding Department 23400 Work in process-Firing Department
Background image of page 2
39900 Manufacturing overhead 63300 d. Work in process-Firing Department 66900 Work in process-Molding Department 66900 e. Finished goods 108700 Work in process-Firing Department 108700 f. Cost of goods sold
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
105100 Finished goods 105100 Exercise 4-2 Computation of Equivalent Units—Weighted-Average Method [LO2] Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October: Percent Completed Units Materials Conversion Work in process, October 1 51,000 90
Background image of page 4
% 55 % Work in process, October 31 39,000 73 % 53 % The department started 401,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October assuming that the company uses the weighted-average method of accounting for units and costs. Materials Conversion Equivalent units of production 441470 433670 Feedback: Equivalent Units Materials Conversion Units transferred out 413,000 413,000
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Work in process, ending: 39,000 units × 73% 28,470 39,000 units × 53% 20,670 Equivalent units of production 441,470 433,670 Exercise 4-3 Cost per Equivalent Unit—Weighted-Average Method [LO3] Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 14,450 $ 23,260 $ 117,500 Cost added during May $
Background image of page 6
86,300 $ 13,480 $ 71,200 Equivalent units of production 1,180 1,080
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/17/2010 for the course ACCT 1234 taught by Professor Duck during the Spring '10 term at A.T. Still University.

Page1 / 53

Exercise 4 - Y76uuuuuu b Exercise 4-1 Process Costing...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online