Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

mapter 19 Work Entries for materials Instructions x Instructions GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
mapter 19 Work Entries for materials Instructions x Instructions 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 $ 65,160 Polyester filling 20,510 Lumber 146,280 Glue 6,250 > The materials purchased during June are summarized from the receiving roports as follows: Fabric Polyester filling Lumber $337,960 465,070 909,240 Glue 33,520 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $128,630 $162,960 $403,330 $ 694,920 Check My Work 3 more Check My Work uses remaining Previous Next Entries for materials Instructions Chart of Accounts Journal Final Question Instructions Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $128,630 $162,960 $403,330 $ 694,920 Job 602 98,660 149,490 378.980 627,130 Job 603 92,310 119,510 205,160 416,980 Factory overhead-indirect materials $35,600 35,600 Total $319,000 $431,960 $987,470 $35,000 $1,774,630 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 lodger accounts. *Refer to the Chart of Accounts for exact wording of account titles. Ge CHART OF ACCOUNTS the GenX Furnishings General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable TH EXPENSES 510 Cost of Goods Sold 131 Materials Me 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory 520 Wages Expense 531 Seling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense Instructions Chart of Accounts Gd 143 Predio Caps the 181 Land 191 Factory 192 Accumulated Depreciation-Factory 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES TH 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY Mi 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Entries for materials Instructions Chart of Accounts Journal Final Question Instructions Journal Final Question C. Determine the June 30 balances that would be shown in the materials ledger accounts Fabric Polyester Filling Lumber Glue Balance, June 30 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing An Assertions Approach

Authors: G. William Glezen, Donald H. Taylor

7th Edition

047113421X, 978-0471134213

More Books

Students also viewed these Accounting questions

Question

Be able to explain the concept of constructive discharge

Answered: 1 week ago