Question

In: Accounting

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 97,200 145,200 375,000 617,400
Job 83 91,200 118,400 210,000 419,600
Factory overhead-indirect materials $34,800 34,800
Total $315,800 $424,400 $986,200 $34,800 $1,761,200

The glue is not a significant cost, so it is treated as indirect materials (factory overhead).

Required:

A. Journalize the April 1 entry to record the purchase of materials in April.*
B. Journalize the April 3 entry to record the requisition of materials in April.*
C. Determine the April 30 balances that would be shown in the materials ledger accounts.
* Refer to the Chart of Accounts for exact wording of account titles.

Solutions

Expert Solution

A April 1 entry to record the purchase of materials in April.
ACCOUNT TITLES DEBIT CREDIT
Raw Materials Inventory $1,743,600 (338400+470400+902400+32400)
Accounts Payable $1,743,600
B April 3 entry to record the requisition of materials in April
ACCOUNT TITLES DEBIT CREDIT
Work in process inventory $1,726,400 (689400+617400+419600)
Manufacturing Overhead $34,800
Raw Materials Inventory $1,761,200
C April 30 balances that would be shown in the materials ledger accounts
RAW MATERIALS ACCOUNT
DEBIT CREDIT
Opening inventory $244,250 (67500+20200+150000+6550)
Accounts Payable $1,743,600
Work in process $1,726,400
Manufacturing Overhead $34,800
Closing Inventory $226,650
Total $1,987,850 $1,987,850
April 30 balances that would be shown in the materials ledger accounts $226,650

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

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...
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...
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...
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...
1. Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a...
1. Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $24.00 per hr. standard time per unit 4.00 hrs. Direct materials (oak): standard price $11.50 per bd. ft. standard quantity 17 bd. ft. Variable factory overhead: standard rate $2.40 per direct labor hr. Fixed factory overhead: standard rate $1.20...
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,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT