eBookJob 602Job 603a.maBalance, April 3039,30036,300Factory overhead-indirect materialsTotalThe 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.Fabric70,000 150,70047,50083,8008$6,600$126,700 $181,900 $406,700 $6,600b. "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.PolyesterFilling.260,000167,6006,600$721,900LumberGlue Entries for MaterialsKingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses job order costing. Balances on April 1 from the materialsledger are as follows:FabricPolyester fillingLumberGlueThe materials purchased during April are summarized from the receiving reports as follows:FabricPolyester fillingLumberGlue$27,7008,30062,0002,700$134,600187,100368,80012,800Materials were requisitioned to individual jobs as follows:Job 601Job 602Job 603Factory overhead-indirect materialsTotalFabric$51,10039,30036,300PolyesterFillingLumber$64,400 $172,20070,000 150,70047,50083,800Glue$6,600$126,700 $181,900 $406,700 $6,600Total$287,700260,000167,6006,600$721,900

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Description: eBookJob 602Job 603a.maBalance, April 3039,30036,300Factory overhead-indirect materialsTotalThe 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

Materials One of the main costing elements that requires for the production process are classified…

Business

Accounting

Job 602 Job 603 a. b. 39,300 36,300 Balance, April 30 47,500 Factory overhead-indirect materials Total $126,700 $181,900 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 materials in April. If an amount box does not require an entry, leave it blank. 88 b. "Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blan 88 Fabric 83,800 c. Determine the April 30 balances that would be shown in the materials ledger accounts. Polyester Filling $6,600 $406,700 $6,600 Lumber 167,600 6,600 $721,900 Glue

Job 602 Job 603 a. b. 39,300 36,300 Balance, April 30 47,500 Factory overhead-indirect materials Total $126,700 $181,900 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 materials in April. If an amount box does not require an entry, leave it blank. 88 b. "Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blan 88 Fabric 83,800 c. Determine the April 30 balances that would be shown in the materials ledger accounts. Polyester Filling $6,600 $406,700 $6,600 Lumber 167,600 6,600 $721,900 Glue

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 5E: Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job...

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Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: The following transactions were completed during November: a. Materials purchases on account during the month, 74,000. b. Materials requisitioned during the month: 1. Direct materials, 57,000. 2. Indirect materials, 11,000. c. Direct materials returned by factory to storeroom during the month, 1,100. d. Materials returned to vendors during the month prior to payment, 2,500. e. Payments to vendors during the month, 68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payable
Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
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: The materials purchased during April are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: 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. b. Journalize the entry to record the requisition of materials in April. c. Determine the April 30 balances that would be shown in the materials ledger accounts.
Sultan, Inc. manufactures goods to special order and uses a job order cost system. During its first month of operations, the following selected transactions took place: Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process. 4. Compute the ending balance in Finished Goods.
Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
Hughes Products Inc. uses a job order cost system. Selected transactions dealing with factory items for the month follow: a. Requisitioned indirect materials from storeroom, 3,200. b. Purchased, on account, factory supplies for future needs, 4,400. c. Purchased parts, on account, for repairing a machine, 1,400. d. Requisitioned factory supplies from storeroom, 900. e. Returned other defective factory supplies to vendor, 700. f. Factory rent accrued for the month, 2,400. g. Returned previously requisitioned factory supplies to store room, 350. h. Depreciation of machinery and equipment, 2,800. i. Payroll taxes liability for month, 3,200. j. Heat, light, and power charges payable for the month, 6,400. k. Expired insurance on inventories, 1,350. l. Factory overhead applied to production, 34,600. m. Indirect labor for the month, 2,600. n. Goods completed and transferred to finished goods: materials, 14,400; labor, 40,400; factory overhead, 30,400. Required: Record the previous transactions. Assume that the records include a control account and a subsidiary ledger for factory overhead, to which the entries will be posted at some later date.
Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)
Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
Entries for materialsGenX Furnishings manufactures designer furniture. GenX Furnishingsuses a job order cost system. Balances on June 1 from the materialsledger are as follows: FabricPolyester filling LumberGlue $40,50028,60062,4006,550 The materials purchased during June are summarized from thereceiving reports as follows: FabricPolyester filling LumberGlue $ 440,000130,000360,00040,000 Materials were requisitioned to individual jobs as attached: 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. b. Journalize the entry to record the requisition of materials in June.c. Determine the June 30 balances that would be shown in the materialsledger accounts.
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 $18,900 Polyester filling 5,700 Lumber 42,300 Glue 1,800 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $94,100 Polyester filling 130,800 Lumber 257,800 Glue 8,900 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $35,800 $45,100 $120,600 $201,500 Job 602 27,600 49,000 105,600 182,200 Job 603 25,400 33,300 58,700 117,400 Factory overhead-indirect materials $4,700 4,700 Total $88,800 $127,400 $284,900 $4,700 $505,800 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…
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 $24,000 Polyester filling 7,200 Lumber 53,800 Glue 2,300 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $122,200 Polyester filling 169,900 Lumber 334,800 Glue 11,600 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $46,400 $58,500 $156,400 $261,300 Job 602 35,700 63,600 136,900 236,200 Job 603 32,900 43,200 76,100 152,200 Factory overhead-indirect materials $6,000 6,000 Total $115,000 $165,300 $369,400 $6,000 $655,700 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase…
Entries for Materials 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 $27,300 Polyester filling 8,200 Lumber 61,200 Glue 2,600 The materials purchased during June are summarized from the receiving reports as follows: Fabric $134,300 Polyester filling 186,700 Lumber 368,000 Glue 12,800 Materials were requisitioned to individual jobs as follows: Polyester Fabric Filling Lumber Glue Total Job 601 $48,300 $60,900 $162,800 $272,000 Job 602 37,200 66,200 142,500 245,900 Job 603 34,300 44,900 79,200 158,400 Factory overhead-indirect $6,300 6,300 materials Total $119,800 $172,000 $384,500 $6,300 $682,600 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 June. a. b. Journalize the entry to record the requisition of materials in June. If an amount box does not require an entry,…