Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $19,900 Polyester filling 6,000 Lumber 44,600 Glue 1,900 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Materials were requisitioned to individual jobs as follows: Polyester Filling Job 601 Job 602 Job 603 Factory overhead-indirect materials Total a. $96,300 133,900 263,900 9,100 b. Fabric $34,700 26,700 24,600 Balance, April 30 Lumber Glue $43,700 $116,900 47,500 102,400 32,300 56,900 $86,000 $123,500 $276,200 $4,500 $490,200 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 April. If an amount box does not require an entry, leave it blank. $4,500 Total $195,300 176,600 113,800 b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. Lumber c. Determine the April 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling 4,500 Glue
Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $19,900 Polyester filling 6,000 Lumber 44,600 Glue 1,900 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Materials were requisitioned to individual jobs as follows: Polyester Filling Job 601 Job 602 Job 603 Factory overhead-indirect materials Total a. $96,300 133,900 263,900 9,100 b. Fabric $34,700 26,700 24,600 Balance, April 30 Lumber Glue $43,700 $116,900 47,500 102,400 32,300 56,900 $86,000 $123,500 $276,200 $4,500 $490,200 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 April. If an amount box does not require an entry, leave it blank. $4,500 Total $195,300 176,600 113,800 b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. Lumber c. Determine the April 30 balances that would be shown in the materials ledger accounts. Fabric Polyester Filling 4,500 Glue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
Transcribed Image Text:Entries for Materials
Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows:
Fabric
$19,900
Polyester filling
6,000
Lumber
44,600
Glue
1,900
The materials purchased during April on account are summarized from the receiving reports as follows:
Fabric
Polyester filling
Lumber
Glue
Materials were requisitioned to individual jobs as follows:
Polyester
Filling
Job 601
Job 602
Job 603
Factory overhead-indirect
materials
Total
a.
$96,300
133,900
263,900
9,100
b.
Fabric
$34,700
26,700
24,600
Balance, April 30
Lumber Glue
$43,700 $116,900
47,500 102,400
32,300
56,900
$86,000
$123,500 $276,200 $4,500 $490,200
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 April. If an amount box does not require an entry, leave it blank.
$4,500
Total
$195,300
176,600
113,800
b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
Lumber
c. Determine the April 30 balances that would be shown in the materials ledger accounts.
Fabric
Polyester Filling
4,500
Glue
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education