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 $27,300 Polyester filling 8,200 Lumber 61,200 Glue 2,600 The materials purchased during June are summarized from the receiving reports as follows: Fabric $134,300 Polyester filling 186,700 Lumber 368,000 Glue 12,800 Materials were requisitioned to individual jobs as follows: Polyester Fabric Filling Lumber Glue Total Job 601 $48,300 $60,900 $162,800 $272,000 Job 602 37,200 66,200 142,500 245,900 Job 603 34,300 44,900 79,200 158,400 Factory overhead-indirect $6,300 6,300 materials Total $119,800 $172,000 $384,500 $6,300 $682,600 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. 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. c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30

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 $27,300 Polyester filling 8,200 Lumber 61,200 Glue 2,600 The materials purchased during June are summarized from the receiving reports as follows: Fabric $134,300 Polyester filling 186,700 Lumber 368,000 Glue 12,800 Materials were requisitioned to individual jobs as follows: Polyester Fabric Filling Lumber Glue Total Job 601 $48,300 $60,900 $162,800 $272,000 Job 602 37,200 66,200 142,500 245,900 Job 603 34,300 44,900 79,200 158,400 Factory overhead-indirect $6,300 6,300 materials Total $119,800 $172,000 $384,500 $6,300 $682,600 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. 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. c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, June 30

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 7P: Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained...

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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 $18,900 Polyester filling 5,700 Lumber 42,300 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 $35,800 $45,100 $120,600 $201,500 Job 602 27,600 49,000 105,600 182,200 Job 603 25,400 33,300 58,700 117,400 Factory overhead-indirect materials $4,700 4,700 Total $88,800 $127,400 $284,900 $4,700 $505,800 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…
Entries for materialsGenX Furnishings manufactures designer furniture. GenX Furnishingsuses a job order cost system. Balances on June 1 from the materialsledger are as follows: FabricPolyester filling LumberGlue $40,50028,60062,4006,550 The materials purchased during June are summarized from thereceiving reports as follows: FabricPolyester filling LumberGlue $ 440,000130,000360,00040,000 Materials were requisitioned to individual jobs as attached: 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. b. Journalize the entry to record the requisition of materials in June.c. Determine the June 30 balances that would be shown in the materialsledger accounts.
GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: See Attachment 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.b. Journalize the entry to record the requisition of materials in June.c. Determine the June 30 balances that would be shown in the materials ledger accounts.
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122, 130 136,800 131,400 Credit 7,200 122, 130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written off was 5 percent of overhead applied for November. Overhead is applied on the basis of direct labor costs. The Work-in-Process Inventory ending account balance on November 30 was 125 percent of the beginning balance. The Direct Materials Inventory ending balance on November 30 was $2,250 less than the beginning balance. The Finished Goods Inventory beginning balance…
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 $21,600 Polyester filling 6,500 Lumber 48,400 Glue 2,100 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $106,100 Polyester filling 147,500 Lumber 290,700 Glue 10,100 Materials were requisitioned to individual jobs as follows: Polyester Fabric Lumber Glue Total Filling Job 601 $39,300 $49,500 $132,400 $221,200 Job 602 30,300 53,800 115,900 200,000 Job 603 27,900 36,500 64,500 128,900 Factory overhead-indirect $5,100 5,100 materials Total $97,500 $139,800 $312,800 $5,100 $555,200 The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
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 $24,000 Polyester filling 7,200 Lumber 53,800 Glue 2,300 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $122,200 Polyester filling 169,900 Lumber 334,800 Glue 11,600 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $46,400 $58,500 $156,400 $261,300 Job 602 35,700 63,600 136,900 236,200 Job 603 32,900 43,200 76,100 152,200 Factory overhead-indirect materials $6,000 6,000 Total $115,000 $165,300 $369,400 $6,000 $655,700 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase…
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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 $22,000 Polyester filling 6,600 Lumber 49,300 Glue 2,100 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $111,300 Polyester filling 154,700 Lumber 305,000 Glue 10,600 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $40,100 $50,500 $135,100 $225,700 Job 602 30,900 54,900 118,300 204,100 Job 603 28,500 37,300 65,800 131,600 Factory overhead-indirect materials $5,200 5,200 Total $99,500 $142,700 $319,200 $5,200 $566,600 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase…
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 $31,400 Polyester filling 9,400 Lumber 70,300 Glue 3,000 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $162,700 Polyester filling 226,200 Lumber 445,800 Glue 15,500 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $60,200 $75,900 $202,900 $339,000 Job 602 46,400 82,500 177,600 306,500 Job 603 42,700 56,000 98,700 197,400 Factory overhead-indirect materials $7,800 7,800 Total $149,300 $214,400 $479,200 $7,800 $850,700 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Question Content Area a. Journalize the entry…
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 $26,700 Polyester filling 8,000 Lumber 59,800 Glue 2,600 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $134,600 Polyester filling 187,100 Lumber 368,800 Glue 12,800 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $51,100 $64,400 $172,200 $287,700 Job 602 39,300 70,000 150,700 260,000 Job 603 36,300 47,500 83,800 167,600 Factory overhead-indirect materials $6,600 6,600 Total $126,700 $181,900 $406,700 $6,600 $721,900 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…
Entries for Materials Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $36,500 Polyester filling 25,700 Lumber 56,200 Glue 5,900 The materials purchased during June are summarized from the receiving reports as follows: Fabric $396,000 Polyester filling 162,000 Lumber 324,000 Glue 36,000 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $185,000 $68,000 $108,000 - $361,000 Job 602 99,000 32,000 79,000 - 210,000 Job 603 117,000 50,000 113,000 - 280,000 Factory overhead-indirect materials - - - $31,300 31,300 Total $401,000 $150,000 $300,000 $31,300 $882,300 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. If an amount box does not require an entry, leave…
Azzarelli, Corp makes picture frames and reports the following for the month of May: Description Amount Purchases of materials on account 53,330 Subcategory,Materials requisitions: Direct Materials 49,730 Indirect Materials 1,280 Subcategory,Labor costs incurred (not yet paid): Direct Materials 24,520 Indirect Materials 1,920 Journalize the entries at the end of the month to record the transactions relating to materials and labor.Journal Date Description Debit Credit May 31 May 31 May 31 May 31 May 31 May 31 May 31 May 31