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$67,960Polyester filling19,890Lumber148,560Glue6,070 The materials purchased during June are summarized from the receiving reports as follows: Fabric$337,790Polyester filling469,000Lumber907,830Glue31,910 Materials were requisitioned to individual jobs as follows: FabricPolyester FillingLumberGlueTotal Job 601$127,540$159,980$398,310 $685,830Job 60295,220149,080370,910 615,210Job 60392,430118,690212,030 423,150Factory overhead—indirect materials $33,44033,440Total$315,190$427,750$981,250$33,440$1,757,630 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. Journalize the June 3 entry to record the requisition of materials in June.* c. Determine the June 30 balances that would be shown in the materials ledger accounts. **Determining June 30 Balances for Materials Ledger Accounts**To accurately account for materials, it is essential to determine the ending balances for each category by June 30. The materials ledger accounts listed are:1. **Fabric** - Balance, June 30: $_____2. **Polyester Filling** - Balance, June 30: $_____3. **Lumber** - Balance, June 30: $_____4. **Glue** - Balance, June 30: $_____Each category has a designated space for entering the balance amount as of June 30. These figures are crucial for maintaining an accurate and up-to-date inventory for financial records. Adjustments in these balances reflect usage, purchase, or any changes within the given period. **Instructions:**a. Journalize the June 1 entry to record the purchase of materials in June.*b. Journalize the June 3 entry to record the requisition of materials in June.**Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.---**Journal Page**: 10| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ACCOUNTING EQUATION: ASSETS | LIABILITIES | EQUITY ||------|-------------|------------|-------|--------|-------------------------------|-------------|--------|| 1 | | | | | | | || 2 | | | | | | | || 3 | | | | | | | || 4 | | | | | | | || 5 | | | | | | | |**Explanation:**- This table is a template for journal entries, which include columns for the date, description, posting reference, debits, credits, and the accounting equation (assets, liabilities, and equity).- The journal is a record-keeping tool used in accounting to note down transactions before they are posted to individual accounts in the ledger.- There are no specific entries filled out in this sample table; it's formatted to guide users on where to input the respective transactions as per standard accounting practices.

Name: Yellen Furnishings manufactures designer furniture. Yellen Furnishings
Uploaded: 2024-03-20T06:32:49.000Z
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Description: 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$67,960Polyester filling19,890Lumber148,560Glue6,070 The materials purchased durin

The question is based on the concept of Cost Accounting.a Accounts Title and Explanation Dr($) Cr($) Materials* $1,746,530 Accounts Payable $1,746,530 (Being Purchase of material recorded) * $337,790 + $469,000 + $907,830 + $31,910 b Work in Process $1,724,190 Given Factory Overhead $33,440 Given Materials $1,757,630 Givenc Fabric Polyester Filling Lumber Glue Balance, June 1 $67,960 $19,890 $148,560 $6,070 June purchases 337,790 469,000 907,830 31,910 Less: June requisitions (315,190) (427,750) (981,250) (33,440) Balance, June 30 $90,560 $61,140 $75,140 $4,540

Answered: Yellen Furnishings manufactures…

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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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	$67,960
Polyester filling	19,890
Lumber	148,560
Glue	6,070

The materials purchased during June are summarized from the receiving reports as follows:

Fabric	$337,790
Polyester filling	469,000
Lumber	907,830
Glue	31,910

Materials were requisitioned to individual jobs as follows:

	Fabric	Polyester Filling	Lumber	Glue	Total

Job 601	$127,540	$159,980	$398,310		$685,830
Job 602	95,220	149,080	370,910		615,210
Job 603	92,430	118,690	212,030		423,150
Factory overhead—indirect materials				$33,440	33,440
Total	$315,190	$427,750	$981,250	$33,440	$1,757,630

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. Journalize the June 3 entry to record the requisition of materials in June.*
	c. Determine the June 30 balances that would be shown in the materials ledger accounts.

**Determining June 30 Balances for Materials Ledger Accounts**

To accurately account for materials, it is essential to determine the ending balances for each category by June 30. The materials ledger accounts listed are:

1. **Fabric**
- Balance, June 30: $_____

2. **Polyester Filling**
- Balance, June 30: $_____

3. **Lumber**
- Balance, June 30: $_____

4. **Glue**
- Balance, June 30: $_____

Each category has a designated space for entering the balance amount as of June 30. These figures are crucial for maintaining an accurate and up-to-date inventory for financial records. Adjustments in these balances reflect usage, purchase, or any changes within the given period.

**Instructions:**
a. Journalize the June 1 entry to record the purchase of materials in June.*
b. Journalize the June 3 entry to record the requisition of materials in June.*

*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

---

**Journal Page**: 10

| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ACCOUNTING EQUATION: ASSETS | LIABILITIES | EQUITY |
|------|-------------|------------|-------|--------|-------------------------------|-------------|--------|
| 1 | | | | | | | |
| 2 | | | | | | | |
| 3 | | | | | | | |
| 4 | | | | | | | |
| 5 | | | | | | | |

**Explanation:**
- This table is a template for journal entries, which include columns for the date, description, posting reference, debits, credits, and the accounting equation (assets, liabilities, and equity).
- The journal is a record-keeping tool used in accounting to note down transactions before they are posted to individual accounts in the ledger.
- There are no specific entries filled out in this sample table; it's formatted to guide users on where to input the respective transactions as per standard accounting practices.

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