Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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).

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. fill in the blank 2b2946fa7051fa8_2 fill in the blank 2b2946fa7051fa8_3
fill in the blank 2b2946fa7051fa8_5 fill in the blank 2b2946fa7051fa8_6

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. fill in the blank 26ca46fe3074fdc_2 fill in the blank 26ca46fe3074fdc_3
fill in the blank 26ca46fe3074fdc_5 fill in the blank 26ca46fe3074fdc_6
fill in the blank 26ca46fe3074fdc_8 fill in the blank 26ca46fe3074fdc_9

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 3b5284054faafb9_1 $fill in the blank 3b5284054faafb9_2 $fill in the blank 3b5284054faafb9_3 $fill in the blank 3b5284054faafb9_4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review 2016 Study Guide January Auditing And Attestation

Authors: O. Ray Whittington

1st Edition

1119119960, 978-1119119968

More Books

Students also viewed these Accounting questions

Question

Classify delivery styles by type.

Answered: 1 week ago