Homework Answers
| Receiving Report Number | Quantity | Unit Price | Materials Requisition Number | Quantity | Amount | Date | Quantity | Unit Price | Amount | ||
| 1-May | 350 | $9 | 3150 | ||||||||
| 23 | 240 | $11 | 4-May | 350 | 9 | 3150 | |||||
| 240 | 11 | 2640 | |||||||||
| 101 | 400 | $3,700 | 10-May | 190 | 11 | 2090 | |||||
| 29 | 160 | 13 | 21-May | 190 | 11 | 2090 | |||||
| 160 | 13 | 2080 | |||||||||
| 114 | 230 | 2,610 | 27-May | 120 | 13 | 1,560 |
b-Materials inventory at the end of May
=120 units @ $13= $1,560
c-Journal Entry:-
| Date | Account Title and Explanation | Debit | Credit |
| May 31 | Work in Process Inventory ($3,700+$2,610) | $6,310 | |
| Raw Materials Inventory | $6,310 | ||
| (To record the transfer of materials to work in process) |
d-Comparing quantities on hand as reported in the materials ledger with predetermined order points enables management to order materials before a lack of materials causes idle time.
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eBook Show Me How Calculator Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings...
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Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost...
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Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost...
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eBook Show Me How Calculator 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 $26,100 Polyester filling 7,800 Lumber 58,500 Glue 2,500 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric Polyester filling Lumber $127,900 177,800 350,400 Glue 12,200 Materials were requisitioned to individual jobs as follows: Fabrich Polyester Filling Lumber Glue Total...
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 $22.400 Fabric Polyester filing Lumber 6,700 50,200 Gle 2200 The materials purchased during April on account are d from the receiving reports as follows Fabric Polyester filling $112.000 155,700 306,900 Lumber Glue 10600 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filing Lumber Glue Total $52,200 $41,400 31,900 29.400 $139,500...
Entries for Materials Kingsford Furnishings Company manufactures designer furniture, Kingsford Furnishings uses a job order cost wystem. Balances on April 1 from the materials ledger are as follows: Fabric $19,800 Polyester filling 5,900 Lumber 44,400 1,900 The materials purchased during April on accountare summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue 399.600 138,400 272,900 9,500 Materials were requisitioned to individual jobs as follows: Fabric Polyester Fling Lumber Glue Total Job 601 Job 602 Job 603 Factory...
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...
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