GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
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 follows:
Fabric | $440,000 |
Polyester filling | 180,000 |
Lumber | 360,000 |
Glue | 40,000 |
Materials were requisitioned to individual jobs as follows:
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).
Required:
A. | Journalize 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.
|
A. | Journalize 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.*
|
Question not attempted.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 0/63
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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1 |
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2 |
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3 |
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4 |
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5 |
C. Determine the June 30 balances that would be shown in the materials ledger accounts.
Fabric |
Polyester Filling |
Lumber |
Glue |
|
Balance, June 30 |
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June...
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 67,190 Polyester filling 19,100 Lumber 148,690 Glue 6,640 The materials purchased during June are summarized from the receiving reports as follows: Fabric $336,430 Polyester filling 470,450 Lumber 909,970 Glue 34,360 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $126,170 $157,080 $401,840 $ 685,090 Job 602 98,480...
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 65,800 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...
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $27,800 Polyester filling 8,300 Lumber 62,300 Glue 2,700 The materials purchased during June are summarized from the receiving reports as follows: Fabric $137,600 Polyester filling 191,300 Lumber 377,000 Glue 13,100 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $49,500 $62,400 $166,800 $278,700 Job 602 38,100 67,800...
Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $29,300 Polyester filling 8,800 Lumber 65,600 Glue 2,800 The materials purchased during June are summarized from the receiving reports as follows: Fabric $148,000 Polyester filling 205,700 Lumber 405,500 Glue 14,100 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $56,200 $70,800 $189,400 $316,400 Job 602...
Entries for Materials GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $21,800 Polyester filling 6,500 Lumber 48,800 Glue 2,100 The materials purchased during June are summarized from the receiving reports as follows: Fabric $107,000 Polyester filling 148,700 Lumber 293,200 Glue 10,200 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $40,700 $51,300 $137,200 $229,200 Job...
Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $27,300 Polyester filling 8,200 Lumber 61,200 Glue 2,600 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $137,000 Polyester filling 190,400 Lumber 375,400 Glue 13,000 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $50,700 $63,900 $170,900 $285,500 Job 602...
Entries for Materials GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory.job order cost system. Balances on June 1 from the The subsidiary ledger containing the individual accounts for each type of material.materials ledger are as follows: Fabric $23,800 Polyester filling 7,100 Lumber 53,300 Glue 2,300 The materials purchased during June are summarized...
Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from materials ledger are as follows: Fabric $22,300 Polyester filling 6,700 Lumber 50,000 Glue 2,100 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $114,800 Polyester filling 159,600 Lumber 314,600 Glue 10,900 Materials were requisitioned to individual Jobs as follows: Polyester Fabric Lumber Glue Total Filling $41,300 Job 601 $52,000 $139,200 $232,500...
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Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $23,100 Polyester filling 6,900 Lumber 51,700 Glue 2,200 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric Polyester filling $114,300 158,900 313,200 10,900 Lumber Glue Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 Job 602 Job...