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 $29,300

Polyester filling 8,800

Lumber 65,600

Glue 2,800

The materials purchased during June are summarized from the receiving reports as follows:

Fabric $148,000

Polyester filling 205,700

Lumber 405,500

Glue 14,100

Materials were requisitioned to individual jobs as follows:

Fabric Polyester Filling Lumber Glue Total

Job 601 $56,200 $70,800 $189,400 $316,400

Job 602 43,300 77,000 165,800 286,100

Job 603 39,900 52,300 92,200 184,400

Factory overhead-indirect materials $7,300 7,300

Total $139,400 $200,100 $447,400 $7,300 $794,200

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.

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b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.

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c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30 $------------- $----------- $--------------- $-------------