GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June

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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:
GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a

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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Related Book For  answer-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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