Question
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 66,590 Polyester filling 19,430 Lumber 153,410 Glue 6,060 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,750 Polyester filling 474,360 Lumber 909,440 Glue 33,420 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $128,580 $159,190 $401,640 $ 689,410 Job 602 97,620 149,690 371,790 619,100 Job 603 94,210 116,010 210,620 420,840 Factory overhead-indirect materials $33,320 33,320 Total $320,410 $424,890 $984,050 $33,320 $1,762,670 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: a. Journalize the June 1 entry to record the purchase of materials in June.* b. Journalize the June 3 entry to record the requisition of materials in June.* c. Determine the June 30 balances that would be shown in the materials ledger accounts. *Refer to the Chart of Accounts for exact wording of account titles.
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