Yellen Fürnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system. Balances on June 1 from the materia ledger are as follows: Fabric $25,000 Polyester filling 7,500 Lumber 56,000 Glue 2,400 The materials purchased during June are summarized from the receiving reports as follows: Fabric $126,300 Polyester filling 175,600 Lumber 346,100 Glue 12,000 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $46,700 $58,800 $157,400 $262,900 Job 602 36,000 64,000 137,800 237,800 Job 603 33,200 43,400 76,600 153,200 Factory overhead-indirect materials $6,100 6,100 Total $115,900 $166,200 $371,800 $6,100 $660,000 The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
Yellen Fürnishings manufactures designer furniture. Yellen Furnishings uses a job order cost system. Balances on June 1 from the materia ledger are as follows: Fabric $25,000 Polyester filling 7,500 Lumber 56,000 Glue 2,400 The materials purchased during June are summarized from the receiving reports as follows: Fabric $126,300 Polyester filling 175,600 Lumber 346,100 Glue 12,000 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $46,700 $58,800 $157,400 $262,900 Job 602 36,000 64,000 137,800 237,800 Job 603 33,200 43,400 76,600 153,200 Factory overhead-indirect materials $6,100 6,100 Total $115,900 $166,200 $371,800 $6,100 $660,000 The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
$25,000
Polyester filling
7,500
Lumber
56,000
Glue
2,400
The materials purchased during June are summarized from the receiving reports as follows:
Fabric
$126,300
Polyester filling
175,600
Lumber
346,100
Glue
12,000
Materials were requisitioned to individual jobs as follows:
Fabric
Polyester Filling
Lumber
Glue
Total
Job 601
$46,700
$58,800
$157,400
$262,900
Job 602
36,000
64,000
137,800
237,800
Job 603
33,200
43,400
76,600
153,200
Factory overhead-indirect materials
$6,100
6,100
Total
$115,900
$166,200
$371,800
$6,100
$660,000
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
Transcribed Image Text:Factory overhead-indirect materials
$6,100
6,100
Total
$115,900
$166,200
$371,800
$6,100
$660,000
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. If an amount box does not require an entry, leave it blank.
Materials
a.
660,000 V
Accounts Payable
660,000
Feedback
b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry, leave it blank.
Work in Process
b.
653,900
Factory Overhead v
6,100
Materials
660,000
Feedback
c. Determine the June 30 balances that would be shown in the materials ledger accounts.
Fabric
Polyester Filling
Lumber
Glue
Balance, June 30
$
35,400 V
$
16,900
$4
10,300| х
$
8,300
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