Entries for Materials Yellen Furnishings manufactures designer furniture Yellen Furnishings uses a job order cost system Balances on June 1 from the materials ledger are as follows Fabric $36,500 Polyester filling 25,700 Lumber 56,200 Glue 5,900 The materials purchased during June are summarized from the receiving reports as follows Fabric $396,000 Polyester filling 162,000 Lumber 324,000 Glue 36,000 Materials were requisitioned to individual jobs as follows Fabric Polyester Filling Lumber Glue Total Job 601 $185,000 $68,000 $108,000 $361,000 Job 602 99,000 32,000 79,000 210,000 Job 603 117,000 50,000 113,000 280,000 Factory overhead indirect materials $31,300 31,300 Total $401,000 $150,000 $300,000 $31,300 $882,300 The glue is not a significant cost, so it is treated as indirect materials (factory overhead) Question Content Area a Journalize the entry to record the purchase of materials in June If an amount box does not require an entry, leave it blank a Accounts PayableCashFinished GoodsMaterialsWork in ProcessMaterials Materials Materials Accounts PayableCashFinished GoodsMaterialsWork in ProcessAccounts Payable Accounts Payable Accounts Payable Feedback Area Feedback a Increase materials inventory and a liability for the total of purchases Question Content Area 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 Accounts PayableAccounts ReceivableFinished GoodsMaterialsWork in ProcessWork in Process Work in Process Work in Process Accounts PayableAccounts ReceivableFactory OverheadFinished GoodsMaterialsFactory Overhead Factory Overhead Factory Overhead CashFactory OverheadFinished GoodsMaterialsWork in ProcessMaterials Materials Materials Feedback Area Feedback b Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials Question Content Area c Determine the June 30 balances that would be shown in the materials ledger accounts Fabric Polyester Filling Lumber Glue Balance, June 30 $fill in the blank 98883d02cfb5077 1 $fill in the blank 98883d02cfb5077 2 $fill in the blank 98883d02cfb5077 3 $fill in the blank 98883d02cfb5077 4 Feedback Area Feedback

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 18, 2024

Entries for Materials Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are

Entries for Materials

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

Fabric	$36,500
Polyester filling	25,700
Lumber	56,200
Glue	5,900

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

Fabric	$396,000
Polyester filling	162,000
Lumber	324,000
Glue	36,000

Materials were requisitioned to individual jobs as follows:

	Fabric	Polyester Filling	Lumber	Glue	Total
Job 601	$185,000	$68,000	$108,000		$361,000
Job 602	99,000	32,000	79,000		210,000
Job 603	117,000	50,000	113,000		280,000
Factory overhead-indirect materials				$31,300	31,300
Total	$401,000	$150,000	$300,000	$31,300	$882,300

The glue is not a significant cost, so it is treated as indirect materials (factory overhead).

Question Content Area

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

a.	Accounts PayableCashFinished GoodsMaterialsWork in ProcessMaterials	Materials	Materials
	Accounts PayableCashFinished GoodsMaterialsWork in ProcessAccounts Payable	Accounts Payable	Accounts Payable

Feedback Area

Feedback

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

Question Content Area

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.	Accounts PayableAccounts ReceivableFinished GoodsMaterialsWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableAccounts ReceivableFactory OverheadFinished GoodsMaterialsFactory Overhead	Factory Overhead	Factory Overhead
	CashFactory OverheadFinished GoodsMaterialsWork in ProcessMaterials	Materials	Materials

Feedback Area

Feedback

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

Question Content Area

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

	Fabric	Polyester Filling	Lumber	Glue
Balance, June 30	$fill in the blank 98883d02cfb5077_1	$fill in the blank 98883d02cfb5077_2	$fill in the blank 98883d02cfb5077_3	$fill in the blank 98883d02cfb5077_4