Question
Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses ajob order cost system. Balances on June 1 from thematerials ledgerare as follows: Fabric$65,160Polyester filling20,510Lumber146,280Glue6,250The materials purchased
Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses ajob order cost system. Balances on June 1 from thematerials ledgerare as follows:
Fabric$65,160Polyester filling20,510Lumber146,280Glue6,250The materials purchased during June are summarized from thereceiving reportsas follows:
Fabric$337,960Polyester filling465,070Lumber909,240Glue33,520Materials were requisitioned to individual jobs as follows:
FabricPolyester FillingLumberGlueTotalJob 601$128,630$162,960$403,330$694,920Job 60298,660149,490378,980627,130Job 60392,310119,510205,160416,980Factory overheadindirect materials$35,60035,600Total$319,600$431,960$987,470$35,600$1,774,630The 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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