Bundle: Managerial Accounting, Loose-leaf Version, 14th - Book Only
14th Edition
ISBN: 9781337541398
Author: Carl Warren; James M. Reeve; Jonathan Duchac
Publisher: Cengage Learning
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Chapter 2, Problem 5E
Entries for materials
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a
| Fabric | $40,500 |
| Polyester filling | 28,600 |
| Lumber | 62,400 |
| Glue | 6,550 |
The materials purchased during June are summarized from the receiving reports as follow
| Fabric | $440,000 |
| Polyester filling | 180,000 |
| Lumber | 360,000 |
| Glue | 40,000 |
Materials were requisitioned to individual jobs as follow
| Fabric | Polyester Filling | Lumber | Glue | Total | |
| Job 601 | $205,000 | $ 75,000 | $120,000 | $400,000 | |
| Job 602 | 110,000 | 36,000 | 88,000 | 234,000 | |
| Job 603 | 130,000 | 55,000 | 125,000 | 310,000 | |
| Factory overhead—indirect materials | $34,800 | 34,800 | |||
| Total | $445,000 | $166,000 | $333,000 | $34,800 | $978,800 |
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
A.
B. Journalize the entry to record the requisition of materials in June.
C. Determine the June 30 balances that would lie shown in the materials ledger accounts.
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Chapter 2 Solutions
Bundle: Managerial Accounting, Loose-leaf Version, 14th - Book Only
Ch. 2 - A. Name two principal types of cost accounting...Ch. 2 - What kind of firm would use a job order cost...Ch. 2 - Which account is used in the job order cost system...Ch. 2 - What document is the source for (A) debiting the...Ch. 2 - What is a job cost sheet?Ch. 2 - Prob. 6DQCh. 2 - Discuss how the predetermined factory overhead...Ch. 2 - A. How is a predetermined factory overhead rate...Ch. 2 - Prob. 9DQCh. 2 - Describe how a job order cost system can be used...
Ch. 2 - Issuance of materials On May 7, Bergan Company...Ch. 2 - Direct labor costs During May, Bergan Company...Ch. 2 - Factory overhead costs During May, Bergan Company...Ch. 2 - Prob. 4BECh. 2 - Prob. 5BECh. 2 - Cost of goods sold Pine Creek Company completed...Ch. 2 - Transactions in a job order cost system Five...Ch. 2 - Prob. 2ECh. 2 - Cost of materials issuances under the FIFO method...Ch. 2 - Prob. 4ECh. 2 - Entries for materials GenX Furnishings Company...Ch. 2 - Prob. 6ECh. 2 - Entry for factory labor costs The weekly time...Ch. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Predetermined factory overhead rate Poehling...Ch. 2 - Prob. 12ECh. 2 - Entries for factory costs and jobs completed Old...Ch. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Job order cost accounting for a service company...Ch. 2 - Prob. 1PACh. 2 - Entries and schedules for unfinished jobs and...Ch. 2 - Job cost sheet Remnant Carpet Company sells and...Ch. 2 - Analyzing manufacturing cost accounts Fire Rock...Ch. 2 - Prob. 5PACh. 2 - Entries for costs in a job order cost system Royal...Ch. 2 - Entries and schedules for unfinished jobs and...Ch. 2 - Job cost sheet Stretch and Trim Carpet Company...Ch. 2 - Analyzing manufacturing cost accounts Clapton...Ch. 2 - Flow of costs and income statement Technology...Ch. 2 - Alvarez Manufacturing Inc. is a job shop. The...Ch. 2 - Prob. 2ADMCh. 2 - Prob. 3ADMCh. 2 - Ethics in Action TAC Industries Inc. sells heavy...Ch. 2 - Prob. 2TIFCh. 2 - Communication Carol Creedence, the plant manager...
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