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 ago

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