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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Peter Co. Makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the Sewing department is based on machine hours and in Cutting department is based on direct labor cost. The following estimates are made at the beginning of the year: Sewing Cutting Direct labor hours 24,000 120,000 Machine hours 140,000 10,000 Direct material cost 1,020,000 1,300,000 Direct labor cost 260,000 840,000 FOH Cost 1,204,000…
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 $26,700 Polyester filling 8,000 Lumber 59,800 Glue 2,600 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $134,600 Polyester filling 187,100 Lumber 368,800 Glue 12,800 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $51,100 $64,400 $172,200 $287,700 Job 602 39,300 70,000 150,700 260,000 Job 603 36,300 47,500 83,800 167,600 Factory overhead-indirect materials $6,600 6,600 Total $126,700 $181,900 $406,700 $6,600 $721,900 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…
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Peter co makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the sewing department is based on machine hours and in cutting department is based on direct labor cost. The following estimates are made at the beginning of the year: (see picture) 1. What would be the under or over applied factory overhead in sewing department at the end of the year?
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