Question
GenX Furnishings manufactures designer furniture. GenX Furnishings uses ajob order cost system. Balances on June 1 from thematerials ledgerare as follows: Fabric$40,500Polyester filling28,600Lumber62,400Glue6,550The materials purchased
GenX Furnishings manufactures designer furniture. GenX Furnishings uses ajob order cost system. Balances on June 1 from thematerials ledgerare as follows:
Fabric$40,500Polyester filling28,600Lumber62,400Glue6,550The materials purchased during June are summarized from thereceiving reportsas follows:
Fabric$440,000Polyester filling180,000Lumber360,000Glue40,000Materials were requisitioned to individual jobs as follows:
FabricPolyester FillingLumberGlueTotalJob 601$205,000$ 75,000$120,000$400,000Job 602110,00036,00088,000234,000Job 603130,00055,000125,000310,000Factory overheadindirect materials$34,80034,800Total$445,000$166,000$333,000$34,800$978,800The 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started