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.

Waterway Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,700 and Work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, the company incurred factory labor of $15,150. A summary of source documents reveals the following. Job Number 429 430 General use Show 431 Job No. 430 431 S Materials Requisition Slips $ $2.920 3.610 4,870 $11.400 Direct Material $12,360 Waterway Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. 960 Prove the agreement of the Work in Process Inventory control account with the job cost sheets. Beginning Work in Process Labor Time Tickets $2,160 3,360 8,030 $ $ $13.550 Job Cost Sheets 1,600 $15.150 Direct Labor Prove the agreement of the Work in Process Inventory control account with the job cost sheets. Direct Material Job Cost Sheets Direct Labor $…

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…