Ask question

Ask question

All categories

bagirrra123 [75]

3 years ago

13

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, $29,700; and Firing Department, $5,100. Direct labor costs incurred: Molding Department, $19,000; and Firing Department, $4,200. b. Manufacturing overhead was applied: Molding Department, $24,100; and Firing Department, $39,200. c. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. d. According to the company’s process costing system, the cost of the unfired, molded bricks was $66,200. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. f. According to the company’s process costing system, the cost of the finished bricks was $107,600. g. Finished bricks were sold to customers. According to the company’s process costing system, the cost of the finished bricks sold was $103,600.

1 answer:

Dominik [7]3 years ago

6 0

Answer:

a. Raw materials used in production: Molding Department, $29,700; and Firing Department, $5,100.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) -----------------_-------------- $29,700

Firing Department (Work in Process) ------------_-----_----_-------- $5,100

Raw Materials ----------- $34,800 (Cr)

b. Direct labor costs incurred: Molding Department, $19,000; and Firing Department, $4,200.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) -------------------------------- $19,000

Firing Department (Work in Process) ------------------------------------ $4,200

Wages Payable ----------- $23,200 (Cr)

c. Manufacturing overhead was applied: Molding Department, $24,100; and Firing Department, $39,200.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) ---------------------------- $24,100

Firing Department (Work in Process) ------------------------------ $39,200

Manufacturing Overhead ----------- $63,300 (Cr)

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 $66,200.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) -------- $66,200 (Db)

Firing Department (Work in Process) --------- $66,200 (Cr)

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 $107,600.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Finished Goods (Work in Process) ---------------- $107,600 (Db)

Firing Department (Work in Process) -------------- $107,600 (Cr)

f. Finished bricks were sold to customers. According to the company’s process costing system, the cost of the finished bricks sold was $103,600.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Cost of Units Sold -------- $103,600 (Db)

Finished Goods ---------- $103,600 (Cr)

You might be interested in

The following data pertains to activity and maintenance costs for two recent years:

Aleksandr-060686 [28]

Answer:

Y= 6000 + 0.75X

Explanation:

High and low cost technique

Using the a high and low technique, total cost can be analysed and separated into fixed and variable portion. This analysis helps in the forecast of cost and therefore important for the preparation of budget.

<em>Variable cost of maintenance</em>

= (Cost at high activity - Cost at low activity)/ (high activity - low activity)

VC per act. = ( $15000 - $12000)/(12,000-8000)

= $0.75 per activity

<em>Fixed cost of maintenance</em>

= Total cost at high activity - (VC per act × high activity)

= $15,000 - ( $0.75 × 12,000)

= $6,000

The cost formula will be:

Y= 6000 + 0.75X

Where Y = maintenance cost, X= level of activity

6 0

2 years ago

Your broker requires an initial margin of $878 per futures contract on wheat and a maintenance margin of $650 per contract. Whea

Shkiper50 [21]

Answer:

b. Call for $1,500

Explanation:

According to the scenario, computation of the given data are as follow:-

We can calculate the amount of margin call by using following formula:-

Loss of today = future contracts based total bushels × total contract × (settlement cost per bushels - future contract price per bushels)

= 5,000 cents × 6 × (390 cents - 385 cents)

= 5,000 cents × 6 × 5 cents

= 150,000 cents

And we know that

100 cents = 1 dollar

so,

150,000 cents ÷ 100 =$1,500

Initial margin $878 per future contract and maintenance margin $650 per contract, Margins of both are less than loss .So we have to pay $1,500 in initial margin.

According to the analysis, we will receive $1,500 margin call.

Therefore option (B) call for $1,500 is correct.

8 0

2 years ago

The new-product process stage of market testing involves which two items? Multiple select question. using realistic purchase con

larisa [96]

The new-product process stage of market testing involves two items -

Using realistic purchase conditions to see if consumers will buy
Exposing actual products to prospective consumers

To find out how well a product, service, or offering will perform, one can conduct market research.

It often consists of research studies that seek to provide answers to concerns about how the market will respond to the introduction of the product.
Convenience goods, shopping goods, specialty products, and unsought goods are the four categories of products, and each is categorized according to consumer preferences, pricing, and product features.
Let's explore each of them in more depth.

How many steps are in the new product development process multiple choice question?

The process of bringing a brand-new product idea to market is known as new product development (NPD).
It can be roughly divided into seven stages: ideation, research, planning, prototype, sourcing, costing, and commercialization, though it varies by industry.

Learn more about new product development (NPD) brainly.com/question/26679051

#SPJ4

4 0

2 years ago

there is some concern that increased use of could prompt the need for legislation protecting employee privacy rights.

djyliett [7]

There is some concern that increased use of electronic databases could prompt the need for legislation protecting employee privacy rights.

An electronic database is a computer-based collection also listing of the information. Through this the information can be searched in a fast and easy manner.

Electronic databases held organized collections of data, or information, which is thus stored in a computer in a readable form. So sometimes, the increased use of electronic databases might probably prompt the need for legislation which protects employee privacy rights.

Hence, the electronic databases can make it easier to search, query, filter and retrieve required data.

To learn more about legislation here:

brainly.com/question/13672467

#SPJ4

6 0

1 year ago

Mention three barriers to interpersonal communication and how to overcome them

yawa3891 [41]

Explanation:

Empathy,
linguistic and
cultural barriers.

Barriers to interpersonal communication can result from specific situations and personal differences that contribute to making the communication process more difficult.

However, it is possible to identify and overcome them. In the case of barriers of empathy, they can occur when there is no intention of understanding a certain situation that an individual is sharing with another individual, which may imply resistance in the listener that makes communication difficult , to overcome it, there must be greater understanding on both sides, greater respect and ethics on both sides.

In linguistic and cultural barriers it is necessary that individuals are willing to respect different values and cultures, acting with ethics and respect. When there is a need to communicate with people of different nationalities, as in a multicultural work environment for example, language barriers must be minimized with the learning of a common language, such as English for example.

6 0

2 years ago