GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:See AttachmentThe 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. $40,500FabricPolyester filling28,600Lumber62,400Glue6,550The materials purchased during June are summarized from the receiving reports as follows:Fabric$440,000Polyester filling180,000Lumber360,000Glue40,000Materials were requisitioned to individual jobs as follows:PolyesterFillingFabricLumberGlueTotal$ 75,000$205,000Job 601$120,000$400,000Job 602110,00036,00088,000234,000Job 603130,00055,000125,000310,000Factory overhead-indirectmaterials$34,80034,800$445,000$166,000$333,000$34,800$978,800Total

Name: GenX Furnishings manufactures designer furniture. GenX Furnishings use
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:See AttachmentThe glue is not a significant cost, so it is treated as indirect materials (fac

Business

Accounting

$40,500 Fabric 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 Filling Fabric Lumber Glue Total $ 75,000 $205,000 Job 601 $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 $445,000 $166,000 $333,000 $34,800 $978,800 Total

$40,500 Fabric 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 Filling Fabric Lumber Glue Total $ 75,000 $205,000 Job 601 $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 $445,000 $166,000 $333,000 $34,800 $978,800 Total

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

See similar textbooks

Similar questions

Compute the amount of raw materials used during November if $30,000 of raw materials were purchased during the month and if the inventories were as follows: Balance Balance Inventories November 1 November 30 7,000 4,000 Raw materials Work in process 6,000 7,500 10,000 12,000 Finished goods O $29,500 O $27,000 O $31,500 O $33,000 %24 %24 %24 %24 %24 %24
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $111,600 $30,000 $17,200 Direct labor 8,000 13,600 11,600 Applied overhead 8,400 60,400 11,200 Transferred-in cost: From Molding 128,000 From Grinding 232,000 Total cost $128,000 $232,000 $272,000 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system. CHART OF ACCOUNTS Davis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 130 Raw Materials 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained…
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,300 $29,200 $16,800 Direct labor 8,500 13,500 12,100 Applied overhead 9,400 60,800 11,000 Transferred-in cost: From Molding 130,200 From Grinding 233,700 Total cost $130,200 $233,700 $273,600 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. PAGE 15 GENERAL JOURNAL Score: 0/76 DATE ACCOUNT POST. REF. DEBIT CREDIT 1 2 3 4 5…
Beckett Industries has the following beginning and ending inventories for the month of April. April 1 April 30 Direct materials $ 67,000 $ 62,000 Work-in-process 145,000 171, 000 Finished goods 85,000 78,000 Production data for the month of April is: Direct labor $ 200,000 Actual overhead 132, 000 Direct materials purchased 163,000 Transportation in 4,000 Purchase Returns and Allowances 2, 000 Beckett uses one overhead control account and charges overhead to production at 70% of direct labor cost. The company does not formally recognize over- or underapplied overhead until year - end. What is Beckett's total manufacturing cost for April?
In September, J Dogg Company purchased materials costing $455,000 and incurred direct labor cost of $550,000. Overhead totaled $850,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: Sept 1 $50,000 65,000 10,500 Sept 30 $55,000 55,000 12,500 A. Calculate the cost of direct materials used during September. $ B. Calculate the total manufacturing cost for September. C. Calculate the cost of goods manufactured for September. $ D. Calculate the cost of goods sold for September.
The Allen Company has the following information for the Assembly Department for the month of October: Materials purchased $ 45,000 Materials used 49,000 Direct labor 30,000 Actual manufacturing overhead 56,000 Cost of goods completed and transferred to the Finishing Dept. 125,000 Overhead rate is 200 percent of direct labor costs.Allen Company uses a process costing system for the Assembly Department.The journal entry to record materials purchased would include a a. debit to Materials Inventory for $49,000. b. credit to Accounts Payable for $49,000. c. debit to Materials Inventory for $45,000. d. both "debit to Materials Inventory for $49,000" and "credit to Accounts Payable for $49,000".
During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom on would include a: An 1 a. debit to Raw Materials of OMR 85,000 O b. debit to Manufacturing Overhead of OMR 7,000 С. debit to Work in Process of OMR 85,000 O d. None of the given answer is correct O e. debit to Work in Process of OMR 7,000 Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a
a. Hansen corporation manufacture a product which passes through two department the productionand the cost of department 1 during June 20xx ae as follow. 52,700 units were started inprocess.48,000 units were completed and transferred to department number 2. Some 4000 unitswere in process at the end of month; these units were complete as to material but 70 percentconverted. Remaining 700 units lost during processing. Costs incurred by the department weredirect material 327,000 dollars, Direct Labor 72,000 dollars and FOH 51,000 dollars. You are required to make a cost of production report for the month of June 20xx.b. In a factory differential Piece rate system is used. The differential applied as follow:• 90 percent of standard piece rate for the output below standard• 110 percent of standard piece rate for the output below standardStandard output is 530 units per hour and standard wage rate is 950 dollars per hour. worker Aproduced 520 Units, worker B produced 540 Units, and worker C…
Allen Company has the following information for the Assembly Department for the month of October: Materials purchased Materials used Direct labor Actual manufacturing overhead Cost of goods completed and transferred to the Finishing Department Overhead rate is 200% of direct labor costs. $ 45,000 49,000 30,000 56,000 125,000 Allen Company uses a process-costing system for the Assembly Department. The journal entry to record materials purchased would include a. a debit to Materials Inventory for $49,000. Ob. a debit to Materials Inventory for $45,000. Oc. both a debit to Materials Inventory for $49,000 and a credit to Accounts Payable for $49,000. Od. a credit to Accounts Payable for $49,000.
Re-Tire produces bagged mulch made from recycled tires. Production involves shredding tires and packaging the pieces for sale in the bagging department. All direct materials enter in the first process. The following describes production operations for October. Direct materials used Direct labor used 30% in Shredding; 70% in Bagging. Predetermined overhead rate (based on direct labor) Transferred to Bagging $226,000 $145,000 185% Transferred to finished goods $200,500 $585,000 The company's revenue for the month totaled $430,000 from credit sales, and its cost of goods sold for the month is $252,000. Prepare summary journal entries dated October 31 to record its October production activities for (1) direct materials usage, (2) direct labor incurred (3) overhead applied, (4) goods transfer from Shredding to Bagging, (5) goods transfer from Bagging to finished goods, (6) credit sales, and (7) cost of goods sold. View transaction list Journal entry worksheet Record direct labor used in…
a. Hansen corporation manufacture a product which passes through two department the productionand the cost of department 1 during June 20xx ae as follow. 52,700 units were started inprocess.48,000 units were completed and transferred to department number 2. Some 4000 unitswere in process at the end of month; these units were complete as to material but 70 percentconverted. Remaining 700 units lost during processing. Costs incurred by the department weredirect material 327,000 dollars, Direct Labor 72,000 dollars and FOH 51,000 dollars. You are required to make a cost of production report for the month of June 20xx. b. In a factory differential Piece rate system is used. The differential applied as follow:• 90 percent of standard piece rate for the output below standard• 110 percent of standard piece rate for the output below standardStandard output is 530 units per hour and standard wage rate is 950 dollars per hour. worker Aproduced 520 Units, worker B produced 540 Units, and worker C…
Shirley Processing, Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Physical units Percentage Complete Materials Conversion Beginning work-in-process 105,000 100% 40% Started 956,000 To account for 1,061,000 Transferred out 973,500 100% 100% Ending work in process 87,500 100% 20% Accounted for 1,061,000 Cost Total Direct Materials Conversion Beginning work-in-process $ 182,570 $ 165,180 $ 17,390 Current period 1,830,970 1,214,120 616,850 Total 2,013,540 $ 1,379,300 $ 634,240 Required: Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method.