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Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger
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 Polyester filling Lumber Glue $21,700 6,500 48,600 2,100 The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber < Glue $107,200 149,000 293,700 10,200 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Job 601 $40,700 $51,300 $137,200 Total $229,200 Job 602 31,300 Job 603 28,900 37,900 55,800 120,100 66,700 207,200 133,500 Factory overhead-indirect Job 602 31,300 55,800 120,100 207,200 Job 603 28,900 37,900 66,700 133,500 Factory overhead-indirect $5,300 5,300 materials Total $100,900 $145,000 $324,000 $5,300 $575,200 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. 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. CUT c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Balance, June 30 Polyester Filling. Lumber Glue
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