Exercise 4-1 (Algo) Process Costing Journal Entries [LO 4-1]

Quality Brick Company produces bricks in two processing departmentsMolding and Firing. Information relating to the companys operations in March follows:

Raw materials used in production: Molding Department, $28,100; and Firing Department, $5,400.

Direct labor costs incurred: Molding Department, $19,900; and Firing Department, $4,300.

Manufacturing overhead was applied: Molding Department, $24,400; and Firing Department, $39,500.

Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the companys process costing system, the cost of the unfired, molded bricks was $67,500.

Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the companys process costing system, the cost of the finished bricks was $109,000.

Finished bricks were sold to customers. According to the companys process costing system, the cost of the finished bricks sold was $105,000.

Required:

Prepare journal entries to record items (a) through (f) above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use a compound journal entry as needed for each transaction.)