Question
GenX Furnishings manufactures designer furniture. GenX Furnishings uses ajob order cost system. Balances on June 1 from thematerials ledgerare as follows: Fabric $20,300 Polyester filling
GenX Furnishings manufactures designer furniture. GenX Furnishings uses ajob order cost system. Balances on June 1 from thematerials ledgerare as follows:
Fabric $20,300
Polyester filling 6,100
Lumber 45,500
Glue 1,900
The materials purchased during June are summarized from thereceiving reportsas follows:
Fabric $98,900
Polyester filling 137,500
Lumber 271,000
Glue 9,400
Materials were requisitioned to individual jobs as follows:
Fabric Polyester Filling Lumber Glue Total Job 601 $35,600 $44,900 $120,000 $200,500
Job 602 27,400 48,800 105,000 181,200
Job 603 25,300 33,100 58,400 116,800
Factory overhead-indirect materials $4,600 4,600
Total $88,300 $126,800 $283,400 $4,600 $503,100
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.
a.
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.
c.Determine the June 30 balances that would be shown in the materials ledger accounts.
Fabric Polyester Filling Lumber Glue
Balance, June 30 $ $ $ $
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