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3 parts - Refer to the picture. Thank you! A) Journalize the entry to record the purchase of materials in April. B) Journalize the entry
3 parts - Refer to the picture. Thank you!
A) Journalize the entry to record the purchase of materials in April.
B) Journalize the entry to record the requisition of materials in April.
C) Determine the April 30 balances that would be shown in the materials ledger accounts
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 $22,100 Polyester filling 6,600 49,500 Lumber Glue 2,100 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $107,200 Polyester filling 149,000 Lumber 293,700 Glue 10,200 Materials were requisitioned to individual jobs as follows: Polyester Fabric Lumber Filling Job 601 $39,700 $50,000 $133,800 Job 602 30,600 54,400 117,100 Glue Total $223,500 202,100 Job 603 28,200 36,900 65,100 130,200 Factory overhead-indirect materials $5,200 5,200 Total $98,500 $141,300 $316,000 $5,200 $561,000 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Materials 11 ji Accounts Payable Work in Process Factory Overhead 111 111 Materials Fabric Polyester Filling Lumber Glue Balance, April 30
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