Amounts for Materials
Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
Fabric | $22,800 |
Polyester filling | 6,800 |
Lumber | 51,100 |
Glue | 2,200 |
The materials purchased during June are summarized from the receiving reports as follows:
Fabric | $117,000 |
Polyester filling | 162,600 |
Lumber | 320,600 |
Glue | 11,100 |
Materials were requisitioned to individual jobs as follows:
Fabric | Polyester Filling | Lumber | Glue | Total | ||||||
Job 101 | $42,100 | $53,000 | $141,900 | $237,000 | ||||||
Job 102 | 32,400 | 57,700 | 124,200 | 214,300 | ||||||
Job 103 | 29,900 | 39,200 | 69,000 | 138,100 | ||||||
Factory overhead-indirect materials | $5,500 | 5,500 | ||||||||
Total | $104,400 | $149,900 | $335,100 | $5,500 | $594,900 |
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
a. Determine the total purchase of materials in
June.
$
b. Determine the amounts of materials transferred to Work in Process and Factory Overhead for the requisition of materials in June.
Materials transferred to Work in Process | $ |
Materials transferred to Factory Overhead | $ |
c. Determine the June 30 balances that would be shown in the materials ledger accounts.
Balance, June 30 | |
Fabric | $ |
Polyester Filling | $ |
Lumber | $ |
Glue | $ |
Answer (a):
Computation of Total Amount of Purchase of Material | |
Particulars | Amount ($) |
Fabric | 117,000 |
Polyester filling | 162,600 |
Lumber | 320,600 |
Glue | 11,100 |
Total | 611,300 |
Therefore, Total amount of material purchased in the month of June is equal to $611,300.
Answer (b):
Material transferred to Work-in-Process | |
Particulars | Amount ($) |
Job 101 | 237,000 |
Job 102 | 214,300 |
Job 103 | 138,100 |
Total | 589,400 |
Therefore, amount of material transferred to work-in-process is equal to $589,400 and the amount of material transferred to Factory Overhead is equal to $5,500 (Glue).
Answer (c):
Computation of the Closing Balance of Material (June 30) | ||||
Particulars | Opening Balance (O) | Purchases (P) | Material Consumed (M) | Closing Balance ( C) |
Fabric | 22,800 | 117,000 | 104,400 | 35,400 |
Polyester Filling | 6,800 | 162,600 | 149,900 | 19,500 |
Lumber | 51,100 | 320,600 | 335,100 | 36,600 |
Glue | 2,200 | 11,100 | 5,500 |
7,800 |
Formula :
C = O+P-M
Amounts for Materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order...
Amounts for Materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $27,700 Polyester filling 8,300 Lumber 62,000 Glue 2,700 The materials purchased during June are summarized from the receiving reports as follows: Fabric $136,300 Polyester filling 189,500 Lumber 373,500 Glue 12,900 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 101 $51,800 $65,300 $174,600 $291,700...
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