Question
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
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 $28,700 Polyester filling 8,600 Lumber 64,300 Glue 2,800 The materials purchased during June are summarized from the receiving reports as follows: Fabric $138,600 Polyester filling 192,700 Lumber 379,800 Glue 13,200 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $52,700 $66,400 $177,600 $296,700 Job 602 40,600 72,200 155,500 268,300 Job 603 37,400 49,000 86,400 172,800 Factory overhead-indirect materials $6,900 6,900 Total $130,700 $187,600 $419,500 $6,900 $744,700 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 a. Increase materials inventory and a liability for the total of purchases. 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 b. Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials. c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30 $ $ $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started