Question
In: Accounting
Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost...
Entries for Materials
Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows:
| Fabric | $18,600 |
| Polyester filling | 5,600 |
| Lumber | 41,700 |
| Glue | 1,800 |
The materials purchased during April on account are summarized from the receiving reports as follows:
| Fabric | $94,100 |
| Polyester filling | 130,800 |
| Lumber | 257,800 |
| Glue | 8,900 |
Materials were requisitioned to individual jobs as follows:
| Fabric | Polyester Filling | Lumber | Glue | Total | ||||||
| Job 601 | $33,900 | $42,700 | $114,200 | $190,800 | ||||||
| Job 602 | 26,100 | 46,400 | 100,000 | 172,500 | ||||||
| Job 603 | 24,100 | 31,500 | 55,600 | 111,200 | ||||||
| Factory overhead-indirect materials | $4,400 | 4,400 | ||||||||
| Total | $84,100 | $120,600 | $269,800 | $4,400 | $478,900 | |||||
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 April. If an amount box does not require an entry, leave it blank.
| a. | |||
b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
| b. | |||
c. Determine the April 30 balances that would be shown in the materials ledger accounts.
| Fabric | Polyester Filling | Lumber | Glue | |
| Balance, April 30 | $ | $ | $ | $ |
Solutions
Expert Solution
a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank.
| a. | Raw material | 491600 | |
| Account payable | 491600 |
b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
| b. | Work in process | 474500 | |
| Manufacturing overhead | 4400 | ||
| Raw material | 478900 |
c. Determine the April 30 balances that would be shown in the materials ledger accounts.
| Fabric | Polyester Filling | Lumber | Glue | |
| Balance, April 1 | 18600 | 5600 | 41700 | 1800 |
| Purchase | 94100 | 130800 | 257800 | 8900 |
| Used | -84100 | -120600 | -269800 | -4400 |
| Balance, April 30 | $28600 | $15800 | $29700 | $6300 |
ekkarill92 answered 2 years agoRelated Solutions
Entries for Materials GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost...
Entries for Materials
GenX Furnishings Company manufactures designer furniture. GenX
Furnishings uses a job order cost system. Balances on June 1 from
the materials ledger are as follows:
Fabric
$18,400
Polyester filling
5,500
Lumber
41,200
Glue
1,800
The materials purchased during June are summarized from the
receiving reports as follows:
Fabric
$95,500
Polyester filling
132,700
Lumber
261,700
Glue
9,100
Materials were requisitioned to individual jobs as follows:
Fabric
Polyester Filling
Lumber
Glue
Total
Job 601
$36,300
$45,700
$122,300
$204,300
Job...
Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system....
Entries for Materials
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
$31,700
Polyester filling
9,500
Lumber
71,000
Glue
3,000
The materials purchased during June are summarized from the
receiving reports as follows:
Fabric
$157,200
Polyester filling
218,500
Lumber
430,700
Glue
14,900
Materials were requisitioned to individual jobs as follows:
Fabric
Polyester Filling
Lumber
Glue
Total
Job 601
$59,700
$75,200
$201,200
$336,100
Job 602...
Eclectic Ergonomics Company manufactures designer furniture. Eclectic Ergonomics uses a job order cost system. Balances on...
Eclectic Ergonomics Company manufactures designer furniture.
Eclectic Ergonomics uses a job order cost system. Balances on April
1 from the materials ledger are as follows:
Fabric
$ 67,500
Polyester filling
20,200
Lumber
150,000
Glue
6,550
The materials purchased during April are summarized from the
receiving reports as follows:
Fabric
$338,400
Polyester filling
470,400
Lumber
902,400
Glue
32,400
Materials were requisitioned to individual jobs as follows:
Fabric
Polyester Filling
Lumber
Glue
Total
Job 81
$127,400
$160,800
$401,200
$ 689,400
Job 82...
Job Order Cost Sheet Carlin Furniture Company refinishes and reupholsters furniture. Carlin Furniture uses a job...
Job Order Cost Sheet
Carlin Furniture Company refinishes and reupholsters furniture.
Carlin Furniture uses a job order cost system. When a prospective
customer asks for a price quote on a job, the estimated cost data
are inserted on an unnumbered job cost sheet. If the offer is
accepted, a number is assigned to the job, and the costs incurred
are recorded in the usual manner on the job cost sheet. After the
job is completed, reasons for the variances between...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System
Royal Technology Company uses a job order cost system. The
following data summarize the operations related to production for
March:
Materials purchased on account, $591,670.
Materials requisitioned, $497,000, of which $64,610 was for
general factory use.
Factory labor used, $609,420, of which $115,790 was
indirect.
Other costs incurred on account for factory overhead, $142,000;
selling expenses, $218,920; and administrative expenses,
$130,170.
Prepaid expenses expired for factory overhead were $27,220; for
selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System
Royal Technology Company uses a job order cost system. The
following data summarize the operations related to production for
March:
Materials purchased on account, $820,330.
Materials requisitioned, $689,080, of which $89,580 was for
general factory use.
Factory labor used, $844,940, of which $160,540 was
indirect.
Other costs incurred on account for factory overhead, $196,880;
selling expenses, $303,520; and administrative expenses,
$180,470.
Prepaid expenses expired for factory overhead were $37,740; for
selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology
Company uses a job order cost system. The following data summarize
the operations related to production for March: Materials purchased
on account, $738,430. Materials requisitioned, $620,280, of which
$80,640 was for general factory use. Factory labor used, $760,580,
of which $144,510 was indirect. Other costs incurred on account for
factory overhead, $177,220; selling expenses, $273,220; and
administrative expenses, $162,450. Prepaid expenses expired for
factory overhead were $33,970; for selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System
Royal Technology Company uses a job order cost system. The
following data summarize the operations related to production for
March:
Materials purchased on account, $492,950.
Materials requisitioned, $414,080, of which $53,830 was for
general factory use.
Factory labor used, $507,740, of which $96,470 was indirect.
Other costs incurred on account for factory overhead, $118,310;
selling expenses, $182,390; and administrative expenses,
$108,450.
Prepaid expenses expired for factory overhead were $22,680; for
selling...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology
Company uses a job order cost system. The following data summarize
the operations related to production for March: Materials purchased
on account, $770,000. Materials requisitioned, $680,000, of which
$75,800 was for general factory use. Factory labor used, $756,000,
of which $182,000 was indirect. Other costs incurred on account for
factory overhead, $245,000; selling expenses, $171,500; and
administrative expenses, $110,600. Prepaid expenses expired for
factory overhead, $24,500; for selling expenses,...
Prepare entries in a job order cost system and job cost sheets. Lott Company uses a...
Prepare entries in a job order cost system and job cost
sheets.
Lott Company uses a job order cost system and applies overhead
to production on the basis of direct labor costs.
On January 1, 2020, Job 50 was the only job in process. The
costs incurred prior to January 1 on this job were as follows:
direct materials $20,000,
direct labor $12,000, and
manufacturing overhead $16,000.
As of January 1, Job 49 had been completed at a cost of...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- I would like to integrate a bubble sort into this binary search in c ++ Thank...
- Answer the bottom in 1-2 paragraphs Classical conditioning is a learned behavior where previously neutral response...
- identify one intrapersonal relationship and evaluate its component.
- Using Python in vs code: The distribution of letters in a document has a distinctive and...
- Why is De Beers exploring the diamond reselling market? How does the creation of IIDV affect...
- programming in Python The body mass index (BMI) is calculated as a person’s weight (in lb)...
- 1. Show the steps in merging A and B into C where A= 8, 12, 19,...
ADVERTISEMENT