Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries for Materials Genx Furnishings manufactures designer furniture, GenX Furnishings utes a job order cost system, Balance on June 1 from the materials ledger are

image text in transcribed
image text in transcribed
Entries for Materials Genx Furnishings manufactures designer furniture, GenX Furnishings utes a job order cost system, Balance on June 1 from the materials ledger are as follows: Fabric $21,600 Polyester filing 6.500 Lumber 48,400 Glue 2,100 The materials purchased during June are summarized from the receiving reports as follows Fabric $108,400 Polyester Mulling 150,700 Lumber 297,000 Glue 10,300 Materials were requisitioned to individual jobs as follows: Polyester Filling Glue Lumber Fabric Total $40.100 $325,700 $50.500 $135,100 Job 601 204,100 30,900 54,900 110,300 Job 602 1400 2500 17.30 103 2 PM Job 603 28,500 37,300 65,800 131,600 Factory overhead-indirect materials $5,200 5,200 Total $99,500 $142,700 $319,200 $5,200 $566,600 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. Work in Process 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. c. Determine the June 30 balances that would be shown in the materials ledger accounts. Lumber Glue Fabric Polyester Filling Balance, June 30 830 PM

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Detecting Accounting Fraud Before Its Too Late

Authors: Oriol Amat

1st Edition

1119566843, 9781119566847

More Books

Students also viewed these Accounting questions