Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entries for materials genx furnishings manufacture

Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost...

70.2K

Verified Solution

Question

Accounting

image

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: $23,600 Fabric Polyester filling 7,100 Lumber 52,900 Glue 2,300 The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling $116,100 161,400 318,100 Lumber Glue 11,000 Materials were requisitioned to individual jobs as follows: Polyester Filling Fabric Lumber Glue Total Job 601 $55,600 $148,600 $248,300 $44,100 34,000 31,300 60,400 130,100 Job 602 Job 603 224,500 41,000 72,300 144,600 Factory overhead- indirect materials $5,700 5,700 Total $109,400 $157,000 $351,000 $5,700 $623,100 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. Glue Fabric $0 Polyester Filling $0 Lumber $ Balance, June 30

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

As the management accountant for Pleasanton Raft Company, Inc.,you have been asked to attend...

Basic Math
1.2K views

Solve the given initial-value problem. y'' + 4y = −1,    y(π/8) =3/4,y'(π/8) = 2 ,

Accounting
1.2K views

Discuss the importance of and various types of performance measures that management can use to focus...

Geometry
1.2K views

Question 5 of 6 Submit Test Oo Describe a sequence of transformations that take trapezoid...

Basic Math
1.2K views

Given vectors a 3 5 and b 0 6 find 5a 3b Write your answer...

Algebra
1.2K views

15 cm 15cm C C 15 cm 123 15 cm p3 cm 9 cm 9...

Accounting
1.2K views

Problem 3. Pine Company produces pogo sticks. One of its plants produces...

Accounting
1.2K views

Required information Exercise 11-3...

Accounting
1.2K views

Blossom Corporation is subject to a 25% income tax rate. Prepare a multiple-step income statement...

Accounting
1.2K views

The following information is available for Baxter Manufacturing for April: 895 Actual machine hours Standard...

Accounting
1.2K views

Suppose the following information is available for Callaway Golf Company for the years 2022 and...

Accounting
1.2K views

A contra asset account has what type of balance