Problem $2-6$B Preparing job cost sheets and materials ledger cards; computing inventory

King Company builds custom order fulfillment centers for large e$-$commerce companies. On June $1,$ the company had

no inventories of work in process or finished goods but held the following raw materials.

On June $3,$ the company began work on Job $450$ for Encinita Company and Job $451$ for Fargo Inc.

Required

Prepare job cost sheets for Jobs $450$ and $451$ using the layout in $$ Exhibit $2\mathrm{.}3,$ and prepare three materials ledger

cards for steel, wood, and paint using the layout in Exhibit $2\mathrm{.}5.$ Enter the beginning raw materials inventory

amounts from above for each of these materials on their ledger cards. Then, follow instructions in this list of

activities to complete the job cost sheets and the materials ledger cards.

a$.$ Purchased raw materials on credit and recorded the following information from receiving reports.

Receiving Report No$.20,$ steel, $150$ units at $$200$ each.

Receiving Report No$.21,$ wood, $70$ units at $$160$ each.

Instructions: Enter the receiving report information on the materials ledger cards.