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

Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing...

60.1K

Verified Solution

Question

Accounting

Entries for Materials

Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing Balances on April 1 from the materials ledger are as follows:

Fabric $58,300
Polyester filling 30,000
Lumber 58,800
Glue 9,950

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

Item Amount
Fabric $820,000
Polyester filling 315,000
Lumber 555,000
Glue 80,000

Materials were requisitioned to individual jobs as follows:

Fabric Polyester Filling Lumber Glue Total
Job 601 $190,000 $66,200 $118,500 $374,700
Job 602 365,000 152,100 219,300 736,400
Job 603 255,000 101,700 196,200 552,900
Factory overhead-indirect materials $83,600 83,600
Total $810,000 $320,000 $534,000 $83,600 $1,747,600

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

Question Content Area:

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

Fabric Polyester Filling Lumber Glue
Balance, April 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