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 Polyester filling Lumber Glue The materials purchased during April on account are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Job 601 Job 602 Job 603 Factory overhead-indirect materials Materials were requisitioned to individual jobs as follows: Polyester Filling Total $19,100 5,700 42,800 1,800 a. $92,800 129,000 254,300 8,800 b. Fabric Balance, April 30 $35,300 27,200 25,100 Fabric $87,600 $125,700 $281,000 $4,600 $498,90 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Lumber Glue Tota $44,500 $119,000 48,400 104,100 32,800 57,900 a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. $4,600 $198,80 179,70 115,80 Polyester Filling c. Determine the April 30 balances that would be shown in the materials ledger accounts. 4,60 Lumber Glue

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 Polyester filling Lumber Glue The materials purchased during April on account are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Job 601 Job 602 Job 603 Factory overhead-indirect materials Materials were requisitioned to individual jobs as follows: Polyester Filling Total $19,100 5,700 42,800 1,800 a. $92,800 129,000 254,300 8,800 b. Fabric Balance, April 30 $35,300 27,200 25,100 Fabric $87,600 $125,700 $281,000 $4,600 $498,90 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Lumber Glue Tota $44,500 $119,000 48,400 104,100 32,800 57,900 a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. $4,600 $198,80 179,70 115,80 Polyester Filling c. Determine the April 30 balances that would be shown in the materials ledger accounts. 4,60 Lumber Glue

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Description: Entries for MaterialsKingsford Furnishings Company manufactures designerfurniture. Kingsford Furnishings uses a job order costsystem. Balances on April 1 from the materials ledger areas follows:FabricPolyester fillingLumberGlueFabricPolyester fillin

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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Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,780 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,620. During May, a summary of source documents reveals the following. Job Number MaterialsRequisition Slips Labor TimeTickets 429 $2,700 $2,080 430 3,780 3,240 431 4,780 $11,260 8,200 $13,520 General use 920 1,240 $12,180 $14,760 Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory enter a debit amount enter a debit…
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.…
Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Sandra Corporation Balance Sheet January 1 Assets: Cash $ 17,950 Raw materials $ 7,950 Work in process 11,950 Finished goods 16,950 36,850 Property, plant, and equipment (net) 218,950 Total assets $273,750 Liabilities and Stockholders' Equity: Retained earnings $273,750 Total liabilities and stockholders' equity $273,750 Summaries of the transactions completed during January appear below: (1) Raw materials purchased for cash $ 81,950 (2) Raw materials used in production (direct materials) $ 64,950 (3) Raw materials used in production (indirect materials) $ 10,475 (4) Direct labor paid in cash $ 77,950 (5) Indirect labor paid in cash $ 21,950 (6) Selling and administrative salaries paid in cash $ 39,950 (7) Factory utility costs paid in…
Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $2,270 Job 202 1,140 Job 203 900 Job 204 1,670 Factory supervision 780 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $28 per direct labor hour. The direct labor rate is $13 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable v Feedback b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead
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Harper Company uses a job order cost system. Journalize the entries for materials and labor, based on the following data:Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials Requisitions Forms $3,000 2,500 5,000 1,000 $ 11,500 Job 33 Job 34 Job 35 Indirect Balance on 3/1 $ 5,400 3,900 $ 9,300 Labor Time Tickets $ 5,500 3,100 2,600 2,000 $ 13,200 The company applies overhead to products at a rate of 65 percent of direct labor cost. Status of Job at Month-End Completed and sold Completed, but not sold In process Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Job 33 Job 34 Job 35 Compute the cost of Jobs 33, 34, and 35 at…
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Baggins Bed and Second Breakfast utilizes a job order costing system. They only had one job for the period. The material requisition form for the period has been provided below: Direct materials purchased $18,000 Direct materials used $17,600 In addition to the direct materials, the following amounts were incurred during production: $9,200 in direct labor and $6,500 in applied manufacturing overhead. They began the period with $4,300 in beginning balance for this job. What is the ending balance for this job?
Entries for Materlals GenX Furnishings manufactures designer furniture. 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: Polyester Fabric Filling Lumber Glue Total Dob 601 $205,000 $75,000 $120,000 $400,000 Dob 602 110,000 36,000 88,000 234,000 Dob 603 130,000 55,000 125,000 310,000 Factory overhead-indirect materials $34,800 34,800 Total $445,000 $166,000 $333,000 $34,800 $978,800 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. Materials a. Accounts Payable b. Journalize the entry to record the requisition of materials in June. If an…