Entries for Materials

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

Item Amount

Fabric $$58,300$

Polyester filling $30,000$

Lumber $58,800$

Glue $9,950$

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

Item Amount

Fabric $$820,000$

Polyester filling $315,000$

Lumber $555,000$

Glue $80,000$

Materials were requisitioned to individual jobs as follows:

Fabric Polyester

Filling Lumber Glue Total

Job $601$ $$190,000$ $$66,200$ $$118,500$ $$374,700$

Job $602365,000152,100219,300736,400$

Job $603255,000101,700196,200552,900$

Factory overhead$-$indirect materials $$83,60083,600$

Total $$810,000$ $$320,000$ $$534,000$ $$83,600$ $$1,747,600$

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.

TransactionAccountDebitCredit

a$.$

Materials

Accounts Payable

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.

TransactionAccountDebitCredit

b$.$

Work in Process

Factory Overhead

Materials

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 $30$ fill in the blank $1$ of $4$$

fill in the blank $2$ of $4$$

fill in the blank $3$ of $4$$

fill in the blank $4$ of $4$$