Business, 24.06.2020 23:01 robert7248

GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $40,500
Polyester filling 28,600
Lumber 62,400
Glue 6,550

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

Fabric $440,000
Polyester filling 180,000
Lumber 360,000
Glue 40,000

Materials were requisitioned to individual jobs as follows:

Fabric Polyester Filling Lumber Glue Total
Job 601 $43,700 $55,100 $147,300 $246,100
Job 602 33,600 59,900 128,900 222,400
Job 603 31,000 40,600 71,700 143,300
Factory overhead
indirect materials $5,700 5,700
Total $108,300 $155,600 $347,900 $5,700 $617,500

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

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GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as f...