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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 602 28,000 49,700 107,100 184,800
Job 603 25,800 33,800 59,500 119,100
Factory overhead-indirect materials $4,700 4,700
Total $90,100 $129,200 $288,900 $4,700 $512,900

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 June.

a. fill in the blank db345b027fe1fa8_2
fill in the blank db345b027fe1fa8_4

b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.

b. fill in the blank a2367e0e7fd1048_2 fill in the blank a2367e0e7fd1048_3
fill in the blank a2367e0e7fd1048_5 fill in the blank a2367e0e7fd1048_6
fill in the blank a2367e0e7fd1048_8 fill in the blank a2367e0e7fd1048_9

c. Determine the June 30 balances that would be shown in the materials ledger accounts.

Fabric Polyester Filling Lumber Glue
Balance, June 30 $fill in the blank 054b7903a026022_1 $fill in the blank 054b7903a026022_2 $fill in the blank 054b7903a026022_3 $fill in the blank 054b7903a026022_4

Solutions

Expert Solution

(a): Preparation of journal entry to record the purchase of materials in June
Date Accout Tittle & Explanation Debit Credit
Raw materials - Fabric A/C        95,500
Raw materials - Polyester A/C      132,700
Raw materials - Lumber A/C      261,700
Raw materials - Glue A/C          9,100
         Accounts payable A/c                     499,000
(Being materials purchased in june)
(b): Preparation of journal entry to record the requisitionof materials in june
Date Accout Tittle & Explanation Debit Credit
Work in process - job 601 A/c      204,300
               Raw materials - Fabric A/C                36,300
               Raw materials - Polyester A/C                45,700
               Raw materials - Lumber A/C              122,300
Work in process - job 602 A/c 184,800
               Raw materials - Fabric A/C 28,000
               Raw materials - Polyester A/C 49,700
               Raw materials - Lumber A/C 107,100
Work in process - job 603 A/c 119,100
               Raw materials - Fabric A/C 25,800
               Raw materials - Polyester A/C 33,800
               Raw materials - Lumber A/C 59,500
Factory Overhead A/c 4,700
              Raw material - Glue A/c 4,700
C: Determination of balances on June 30
Particulars Fabric Polyester Lumber Glue
Beginning inventory on June ,1 18,400 5,500 41,200 1,800
(+) Purchases        95,500              132,700                261,700         9,100
113,900 138,200 302,900 10,900
(-) Issued to production -90,100 -129,200 -288,900 -4,700
Ending inventory on June 30 23,800 9,000 14,000 6,200

ekkarill92 answered 2 years ago
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