Question
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 |
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