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 | 143,200 | 374,960 | 616,640 | |
Job 603 | 93,500 | 115,630 | 206,150 | 415,280 | |
Factory overhead—indirect materials | $34,320 | 34,320 | |||
Total | $318,150 | $415,910 | $982,950 | $34,320 | $1,751,330 |
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.
|
Journal
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.*
|
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
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2 |
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3 |
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4 |
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5 |
Final Question
C. Determine the June 30 balances that would be shown in the materials ledger accounts.
Fabric |
Polyester Filling |
Lumber |
Glue |
|
Balance, June 30 |
A & B :
Transaction / Event | Account Titles | Debit | Credit |
$ | $ | ||
A. | Materials Inventory: Fabric | 336,430 | |
Materials Inventory: Polyester Filling | 470,450 | ||
Materials Inventory: Lumber | 909,970 | ||
Materials Inventory: Glue | 34,360 | ||
Cash | 1,751,210 | ||
B. | Work in Process Inventory | 1,717,010 | |
Factory Overhead | 34,320 | ||
Materials Inventory: Fabric | 318,150 | ||
Materials Inventory : Polyester Filling | 415,910 | ||
Materials Inventory: Lumber | 982,950 | ||
Materials Inventory : Glue | 34,320 |
C.
Fabric | Polyester Filling | Lumber | Glue | |
Balance, June 30 | $85,470 | $ 73,640 | $ 75,710 | $ 6,680 |
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 $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 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...
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...
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...
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 $26,800 Polyester filling 8,000 Lumber 60,000 Glue 2,600 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $134,300 Polyester filling 186,700 Lumber 368,000 Glue 12,800 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $48,300 $60,900 $162,800...