a. Journalize the entry to record the purchase of materials in June and b. Journalize the entry to record the requisition of materials in june.
Sl.No. | Name of the Account | Debit | Credit |
a. | Raw material Inventory - Fabric | $440,000 | |
Raw Material Inventory - Polyester Filling | $180,000 | ||
Raw Material Inventory - Lumber | $360,000 | ||
Raw Material Inventory - Glue | $40,000 | ||
To Cash A/c | $1,020,000 | ||
(being the raw material purchased ) | |||
b. | Factory Overheads A/c | $34,800 | |
To Raw material inventory - Glue A/c | $34,800 | ||
(For indirect material transferred to overheads account) | |||
Work in Process A/c | $944,000 | ||
Manufacturing overhead A/c | $34,800 | ||
To Raw material Inventory - Fabric | $445,000 | ||
To Raw Material Inventory - Polyester Filling | $166,000 | ||
To Raw Material Inventory - Lumber | $333,000 | ||
To Factory Overheads A/c | $34,800 | ||
(to record the requisition of direct and indirect materials) |
C. Determine the June 30 balances that would be shown in the material ledger accounts
Particulars | Fabric | Polyester Filling | Lumber | Glue | Total |
Balance as of June1 | $40,500 | $28,600 | $62,400 | $6,550 | $138,050 |
Add: Material purchased | $440,000 | $180,000 | $360,000 | $40,000 | $1,020,000 |
Less: Material requisitioned to individual jobs | $445,000 | $166,000 | $333,000 | $34,800 | $978,800 |
Balance as of June30 | $35,500 | $42,600 | $89,400 | $11,750 | $179,250 |
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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...
genx furnishings manufactures
mapter 19 eBook Show Me How Calculator 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 98,480 143,200 374,960 616,640 Job 603 93,500 115,630 206,150 415,280 Factory overhead-indirect materials $34,320 34,320...
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...
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 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...
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...
Basic Exercises Exercises and Problems20200615_0055.pdf (174 KB) Page > of 5 ZOOM + ✓ c. fabric, $68,300 SHOW ME HOW EX 16-5 Entries for materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a Obj. 2 job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $58,300 Polyester filling 30,000 Lumber 58,800 Glue 9,950 The materials purchased during April are summarized from the receiving reports as follows: Fabric $820,000 Polyester filling 315,000 Lumber...
EX17-4. EX17-5. EX17-7. & EX17-8.pdf 5 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17-8.pdf EX17-3. EX17-4, EX17-5, EX17-7, & EX17-8.pdf (399 KB) EX 17-5 Entries for materials OBJ. 2 Eclectic Ergonomics Company manufactures designer furniture. Eclectic Ergonomics uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $ 67,500 Polyester filling 20.200 Lumber 150,000 Glue 6,550 The materials purchased during April are summarized from the receiving reports as follows: Fabric $338.400 Polyester filling...