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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 $31,300
Polyester filling 9,400
Lumber 70,100
Glue 3,000

The materials purchased during June are summarized from the receiving reports as follows:

Fabric $157,100
Polyester filling 218,400
Lumber 430,500
Glue 14,900

Materials were requisitioned to individual jobs as follows:

Fabric Polyester Filling Lumber Glue Total
Job 601 $58,100 $73,200 $195,800 $327,100
Job 602 44,700 79,600 171,400 295,700
Job 603 41,300 54,000 95,300 190,600
Factory overhead-indirect materials $7,600 7,600
Total $144,100 $206,800 $462,500 $7,600 $821,000

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. Materials
Accounts Payable

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a. Increase materials inventory and a liability for the total of purchases.

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. Work in Process
Factory Overhead
Materials

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b. Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials.

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

Fabric Polyester Filling Lumber Glue
Balance, June 30 $ $ $ $
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Answer #1

a. Journalize the entry to record the purchase of materials in June.

a. Materials 820900
Accounts Payable 820900

a. Increase materials inventory and a liability for the total of purchases.

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. Work in Process 813400
Factory Overhead 7600
Materials 821000

b. Increase the work in process for direct materials for the Jobs and factory overhead for the indirect materials.

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

Fabric Polyester Filling Lumber Glue
Beginning balance 31300 9400 70100 3000
Purchase 157100 218400 430500 14900
Requisitioned -144100 -206800 -462500 -7600
Balance, June 30 $44300 $21000 $38100 $10300
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