Question

ntries 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 $20,800 Polyester filling 6,200 Lumber 46,600 Glue 2,000 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $101,300 Polyester filling 140,800 Lumber 277,600 Glue 9,600 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $38,500 $48,500 $129,700 $216,700 Job 602 29,600 52,700 113,600 195,900 Job 603 27,300 35,800 63,100 126,200 Factory overhead-indirect materials $5,000 5,000 Total $95,400 $137,000 $306,400 $5,000 $543,800 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 materials in April. If an amount box does not require an entry, leave it blank. a. Materials Accounts Payable 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 Factory Overhead Materials c. Determine the April 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Glue Balance, April 30 $ $ $ $

Answer 1

	Particulars					Debit	Credit
a.	Materials					529300
	Accounts payable						529300
	(101300+140800+277600+9600)
	(Materials purchased)
b.	Work in process			(Plug)		538800
	Factory overhead					5000
	Materials						543800
	(Materials requisitioned)
c.						Fabric	Polyester filling	Lumber	Glue
	Balance, Apr 1					20800	6200	46600	2000
	Add: Purchase					101300	140800	277600	9600
						122100	147000	324200	11600
	Less: Requisition					95400	137000	306400	5000
	Balance, Apr 30					26700	10000	17800	6600