FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing. Balances on April 1 from the materials ledger are as follows:
Fabric
$20,500
Polyester filling
6,200
Lumber
45,900
2,000
Glue
The materials purchased during April are summarized from the receiving reports as follows:
Fabric
Polyester filling
Lumber
Glue
$102,900
143,000
281,900
9,800
Materials were requisitioned to individual jobs as follows:
Polyester
Filling Lumber Glue Total
$49,300 $131,800
$220,200
53,600 115,300
199,000
36,400 64,100
128,300
Job 601
Job 602
Job 603
Factory overhead-indirect
materials
a. Materials
Accounts Paya
Fabric
Total
$97,000 $139,300 $311,200 $5,100 $552,600
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.
$39,10
b. Work in Proce
30,100
27,800
Factory Overhe▾ ✔
Materials
$5,100 5,100
Feedback
Check My Work
a. Increase materials inventory and a liability for the total of purchases.
b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
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Transcribed Image Text:Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing. Balances on April 1 from the materials ledger are as follows: Fabric $20,500 Polyester filling 6,200 Lumber 45,900 2,000 Glue The materials purchased during April are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue $102,900 143,000 281,900 9,800 Materials were requisitioned to individual jobs as follows: Polyester Filling Lumber Glue Total $49,300 $131,800 $220,200 53,600 115,300 199,000 36,400 64,100 128,300 Job 601 Job 602 Job 603 Factory overhead-indirect materials a. Materials Accounts Paya Fabric Total $97,000 $139,300 $311,200 $5,100 $552,600 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. $39,10 b. Work in Proce 30,100 27,800 Factory Overhe▾ ✔ Materials $5,100 5,100 Feedback Check My Work a. Increase materials inventory and a liability for the total of purchases. b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
c. Determine the April 30 balances that would be shown in the materials ledger accounts.
Polyester
Filling Lumber
Balance, April 30
Fabric
Feedback
Check My Work
Partially correct
Glue
Feedback
Check My Work
c. Start with the beginning balance, then add purchases and subtract requisitions.
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Transcribed Image Text:c. Determine the April 30 balances that would be shown in the materials ledger accounts. Polyester Filling Lumber Balance, April 30 Fabric Feedback Check My Work Partially correct Glue Feedback Check My Work c. Start with the beginning balance, then add purchases and subtract requisitions.
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