Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses joborder costing. Balances on April 1 from the materials ledger are as follows: Fabric $58, 300Polyester filling 30,000 Lumber 58, 800 Glue 9,950 The materials purchased during April aresummarized from the receiving reports as follows: Fabric $820,000 Polyester filling 315,000Lumber 555,000 Glue 80,000 Details The glue is not a significant cost, so it is treated as indirectmaterials (factory overhead). Journalize the entry to record the purchase of materials in April.Journalize the entry to record the requisition of materials in April.

See the answer in the explanation field.Explanation:Answer information:Step 1:The entries are made…

Answered: Kingsford Furnishings Company…

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 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…
Concord, Inc. manufactures ergonomically designed computer furniture. Concord uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Job No. CC723 CH291 PS812 DS444 Job No. CC723 Computer caddy Chair CH291 DS444 Item Printer stand On November 30, Concord's Direct Materials Inventory account totaled $671,000, and its Finished Goods Inventory totaled $3,486,400. Concord applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $4,750,000, and the company planned to use 950,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 840,000 machine hours, total manufacturing overhead amounted to $4,294,500, and Cost of Goods Sold was $8,760,250. For the purposes of this problem, ignore year-end disposition of over / under applied overhead. Concord purchased $638,000 in direct materials in…
Ervin Equipment, a manufacturer of exercise and workout equipment for sale to institutions, uses job costing. The following transactions occurred in January 1. Purchased $78,500 of materials 2. Paid $83,500 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop 3 Issued $5,800 of supplies from the materials inventory 4. Issued $86,500 in direct materials to the production department 5. Incurred direct labor costs of $76,500, which were credited to Wages Payable 6. Paid for the materials purchased in transaction (1) 7. Incurred $13,900 in indirect labor costs, which were credited to Wages Payable 8. Applied overhead on the basis of 155 percent of direct labor costs 9. Recognized depreciation on manufacturing property, plant, and equipment of $18,000 10. Returned $1,200 of the materials in transaction (3) to inventory 11. Paid the for the wages incurred in transaction (5) The following balances appeared in the accounts of Ervin…
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GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 67,910 Polyester filling 19,920 Lumber 151,860 Glue 6,750 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,580 Polyester filling 470,870 Lumber 901,370 Glue 31,670 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $126,370 $161,120 $397,120 $ 684,610 Job 602 98,480 146,210 370,720 615,410 Job 603 93,880 115,240 205,800 414,920 Factory overhead-indirect materials $35,520 35,520 Total $318,730 $422,570 $973,640 $35,520 $1,750,460 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: a. Journalize the June 1 entry to record the purchase of materials in June.* b.…
work Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process $ 29,000 9,600 51,000 Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet
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A company that uses job order costing uses $24,000 of raw materials as indirect materials and uses $64,000 of raw materials as direct materials. The journal entry to record the use of direct materials consists of a debit to Work in Process Inventory for $64,000 and a credit to Raw Materials Inventory for $64,000. True or False True False
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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account, $50,000. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Job Machine Hours 301 302 303 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 per machine hour. Machine hours used: 304 305 306 Total 30 60 41 63 70 36 Materials Factory Labor $1,850 $2,500 3,150 2,200 1,900 4,230 1,770 1,200 300 7,220 5,350 2,300 6,225 2,900 5,000 1. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,000; Job 302, $16,150; Job 303, $12,800. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 2 entries. 2. Post the…
Green Scenery Company provides landscape services and operated based on customer order. The company uses normal costing, and the overhead allocation base is direct labour costs. On 1st May, the balance of raw material inventory was RM24,000. There were two incomplete jobs as of 1st May, with the following costs: Direct materials Direct labour Applied overhead Total costs Direct materials Direct labour In May, Green Scenery also started production of two news jobs. Job 47 and Job 33 were continued of which Job 33 completed and billed to Bell Company. Details of the costs incurred during May by each job is as follows: Job 47 Zee Enterprise RM10,250 9,000 2,700 RM21,950 Property taxes Material storage rental Inspection costs Job 47 RM2,000 3,000 Transportation costs Telephone and other miscellaneous Machine depreciation Advertising costs Job 33 RM3,200 4,500 Job 33 Bell Company Other transactions in May: 1. Received payment of RM12,500 for Job 34 that was delivered to the customer in…
The Whipped Cream Department of the John Kinky Toy Factory has the information below available for the month of March. Identify the missing numbers. An (*) will require a number, but will not be graded. Write your five answers below. Costs of Goods Manufactured Work in process inventory, March 1 17,000 Materials, March 1 6,000 Purchase of materials 85,000 Cost of materials available for use * Less Materials, March 31 7,000 Cost of materials placed in production Direct Labor 25,000 Factory Overhead: Indirect Labor…

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