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...
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Carlin Furniture uses a job order cost system. When a prospective
customer asks for a price quote on a job, the estimated cost data
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Royal Technology Company uses a job order cost system. The
following data summarize the operations related to production for
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Royal Technology Company uses a job order cost system. The
following data summarize the operations related to production for
March:
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Materials requisitioned, $689,080, of which $89,580 was for
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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
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factory overhead were $33,970; for selling...
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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...
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