Business, 15.02.2021 20:00 vladutraileanu7599

GenX Furnishings Company 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:

Fabric Polyester Filling Lumber Glue Total
Job 601 $205,000 $75,000 $120,000 $400,000
Job 602 110,000 36,000 88,000 234,000
Job 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

Required:
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 materials ledger accounts.

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GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost sys...