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GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June...

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 $ 65,160
Polyester filling 20,510
Lumber 146,280
Glue 6,250

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

Fabric $337,960
Polyester filling 465,070
Lumber 909,240
Glue 33,520

Materials were requisitioned to individual jobs as follows:

Fabric Polyester Filling Lumber Glue Total
Job 601 $128,630 $162,960 $403,330 $ 694,920
Job 602 98,660 149,490 378,980 627,130
Job 603 92,310 119,510 205,160 416,980
Factory overhead—indirect materials $35,600 35,600
Total $319,600 $431,960 $987,470 $35,600 $1,774,630

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

Required:

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

Answer #1

a) Journal entry

Date General Journal Debit Credit
Raw material 1745790
Cash 1745790

b) Journal entry

Date General Journal Debit Credit
Work in process 1739030
Manufacturing overhead 35600
Raw material 1774630

c) Determine balances

Fabric Polyester filling Lumber Glue Total
Beginning balance 65160 20510 146280 6250 238200
Purchase 337960 465070 909240 33520 1745290
Less: Used -319600 -431960 -987470 -35600 -1774630
Ending balance 83520 53620 68050 4170 209360
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