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.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 14:30

The legal form of business ownership that is owned by many people is called a

Answers: 2

Answer

Business, 22.06.2019 02:00

Answer the following questions using the information below: southwestern college is planning to hold a fund raising banquet at one of the local country clubs. it has two options for the banquet: option one: crestview country club a. fixed rental cost of $1,000 b. $12 per person for food option two: tallgrass country club a. fixed rental cost of $3,000 b. $8.00 per person for food southwestern college has budgeted $1,800 for administrative and marketing expenses. it plans to hire a band which will cost another $800. tickets are expected to be $30 per person. local business supporters will donate any other items required for the event. which option has the lowest breakeven point?

Answers: 1

Answer

Business, 22.06.2019 03:20

The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out

Answers: 1

Answer

Business, 22.06.2019 18:10

Find the zeros of the polynomial 5 x square + 12 x + 7 by factorization method and verify the relation between zeros and coefficient of the polynomials

Answers: 1

Answer

You know the right answer?

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

Questions