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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
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 Polyester filling Lumber Glue $27,400 8,200 61,400 2,600 The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue $132,100 183,600 362,000 12,500 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $47,600 $60,000 $160,400 $268,000 Job 602 36,700 Job 603 33,800 65,200 44,300 140,400 78,100 242,300 156,200 Factory overhead-indirect materials $6,200 6,200 Total $118,100 $169,500 $378,900 $6,200 $672,700 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in June. a. Materials Accounts Payable Feedback Check My Work b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead Materials Feedback Check My Work c. Determine the June 30 balances that would be shown in the materials ledger accounts. Balance. June 30 Fabric Polyester Filling Lumber Glue
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