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Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger

Entries for Materials

Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows:

Fabric $26,800
Polyester filling 8,000
Lumber 60,000
Glue 2,600

The materials purchased during April on account are summarized from the receiving reports as follows:

Fabric $134,300
Polyester filling 186,700
Lumber 368,000
Glue 12,800

Materials were requisitioned to individual jobs as follows:

Fabric Polyester Filling Lumber Glue Total
Job 601 $48,300 $60,900 $162,800 $272,000
Job 602 37,200 66,200 142,500 245,900
Job 603 34,300 44,900 79,200 158,400
Factory overhead-indirect materials $6,300 6,300
Total $119,800 $172,000 $384,500 $6,300 $682,600

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 April. If an amount box does not require an entry, leave it blank.

a. Materials
Accounts Payable

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a. Increase materials inventory and a liability for the total of purchases.

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

b. Work in Process
Factory Overhead
Materials

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b. Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials.

c. Determine the April 30 balances that would be shown in the materials ledger accounts.

Fabric Polyester Filling Lumber Glue
Balance, April 30 $ $ $ $

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