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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being born in poverty would limit the people's chances, opportunities and benefits.

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.