GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: S 65,800 Fabric Polyester filling 20,920 Lumber 152,000 Glue 6,250 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,880 Polyester filling 474,200 Lumber 908,030 Glue 34,620 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $129,730 $164,460 $404,530 $ 698,720 Job 602 99,370 141,320 377,410 618,100 Job 603 90,950 118,090 209,210 418,250 Factory overhead-indirect materials $33,410 33,410 Total $320,050 $423,870 $991,150 $33,410 $1,768,480 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: A. Joumalize the June 1 entry to record the purchase of materials in June.* B. Journalize the June 3 entry to record the requisition of materials in June.* C. Determine the June 30 balances that would be shown in the materials ledger accounts.
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: S 65,800 Fabric Polyester filling 20,920 Lumber 152,000 Glue 6,250 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,880 Polyester filling 474,200 Lumber 908,030 Glue 34,620 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $129,730 $164,460 $404,530 $ 698,720 Job 602 99,370 141,320 377,410 618,100 Job 603 90,950 118,090 209,210 418,250 Factory overhead-indirect materials $33,410 33,410 Total $320,050 $423,870 $991,150 $33,410 $1,768,480 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: A. Joumalize the June 1 entry to record the purchase of materials in June.* B. Journalize the June 3 entry to record the requisition of materials in June.* C. Determine the June 30 balances that would be shown in the materials ledger accounts.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 5E: Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job...
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