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a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. Materials 460,700 X Accounts Payable Feedback Check My Work a. Increase materials inventory and a liability for the total of purchases. b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead 88 Materials c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Balance, June 30 Glue

a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. Materials 460,700 X Accounts Payable Feedback Check My Work a. Increase materials inventory and a liability for the total of purchases. b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead 88 Materials c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Lumber Balance, June 30 Glue

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for Materials Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system, Balances on June 1 from the materials ledger are as follows: Fabric $18,400 5,500 41,200 1,800 Polyester filling Lumber Glue The materials purchased during June are summarized from the receiving reports as follows Fabric Polyester filling Lumber 246,100 Glue 8,500 Materials were requisitioned lo individual jobs as follows: $89,800 124,800 Fabric Polyester Filling $32,300 24,900 22,900 Lumber Glue Job 601 Job 602 Job 603 Factory overhead-indirect materials $4,200 Total $50,100 $115,000 $257,200 $4,200 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). $40,700 $108,900 44,300 95,300 30,000 $3,000 Total $181,900 164,500 105,900 4,200 $456,500
Transcribed Image Text:Entries for Materials Yellen Furnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system, Balances on June 1 from the materials ledger are as follows: Fabric $18,400 5,500 41,200 1,800 Polyester filling Lumber Glue The materials purchased during June are summarized from the receiving reports as follows Fabric Polyester filling Lumber 246,100 Glue 8,500 Materials were requisitioned lo individual jobs as follows: $89,800 124,800 Fabric Polyester Filling $32,300 24,900 22,900 Lumber Glue Job 601 Job 602 Job 603 Factory overhead-indirect materials $4,200 Total $50,100 $115,000 $257,200 $4,200 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). $40,700 $108,900 44,300 95,300 30,000 $3,000 Total $181,900 164,500 105,900 4,200 $456,500
a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. Materials 460,700 X Accounts Payable Feedback Check My Work a. Increase materials inventory and a liability for the total of purchases. b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead Materials c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Balance, June 30 Lumber Glue
Transcribed Image Text:a. Journalize the entry to record the purchase of materials in June. If an amount box does not require an entry, leave it blank. a. Materials 460,700 X Accounts Payable Feedback Check My Work a. Increase materials inventory and a liability for the total of purchases. b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank. b. Work in Process Factory Overhead Materials c. Determine the June 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling Balance, June 30 Lumber Glue
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