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

Fabric	$40,500
Polyester filling	28,600
Lumber	62,400
Glue	6,550

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

Fabric	$440,000
Polyester filling	180,000
Lumber	360,000
Glue	40,000

Materials were requisitioned to individual jobs as follows:

	Fabric	Polyester Filling	Lumber	Glue	Total
Job 601	$205,000	$ 75,000	$120,000		$400,000
Job 602	110,000	36,000	88,000		234,000
Job 603	130,000	55,000	125,000		310,000
Factory overheadindirect materials				$34,800	34,800
Total	$445,000	$166,000	$333,000	$34,800	$978,800

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.

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.*

*Refer to the Chart of Accounts for exact wording of account titles.

Question not attempted.

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JOURNAL

ACCOUNTING EQUATION

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	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5

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

	Fabric	Polyester Filling	Lumber	Glue
Balance, June 30