Entries for Materials GenX Furnishings manufactures designer furniture. GenX Fur
ID: 2512972 • Letter: E
Question
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:
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.
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b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.
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c. Determine the June 30 balances that would be shown in the materials ledger accounts.
Fabric $31,800 Polyester filling 9,500 Lumber 71,200 Glue 3,100Explanation / Answer
a Materials 842300 =161200+224100+441700+15300 Accounts Payable 842300 b Work in Process 834400 =147800+212200+474400 Factory Overhead 7700 Materials 842100 c Balance, June 30 Fabric 45200 =31800+161200-147800 Polyester Filling 21400 =9500+224100-212200 Lumber 38500 =71200+441700-474400 Glue 10700 =3100+15300-7700
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