GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses

Question

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:

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

Materials were requisitioned to individual jobs as follows:

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. If an amount box does not require an entry, leave it blank.

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

Fabric $30,400 Polyester filling 9,100 Lumber 68,100 Glue 2,900

Explanation / Answer

c.

Working:

a. $150200 + $208800 + $411500 + $14300 = $784800

b. $137900 + $198000 + $442600 = $778500

c.

Transaction Account Titles and Explanation Debit Credit a. Raw materials inventory 784800 Cash/Accounts payable 784800 (To record purchase of raw materials) b. Work in process inventory 778500 Factory overhead 7200 Raw materials inventory 785700 (To record requisition of materials)

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