Question

G Google Pas Enter your p "helen.nguye ΒΙΣ ΑΑ Fabric Polyester filling Lumber Glue $40.500 28,600 62.400 6,550 The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue $440,000 180,000 360,000 40,000 Materials were requisitioned to individual jobs as follows: Glue Fabris $205,000 110,000 130.000 Job 601 Job 602 Job 603 Factory overhead-indirect materials Total Polyester Filling $ 75,000 36,000 55,000 Lumber $120,000 89,000 125.000 Total $400,000 234.000 310.000 $34,800 34.800 $445,000 $166,000 $333,000 $34,800 $978,800 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Joumalize the entry to record the purchase of materials in June, b. Journalize the entry to record the requisition of materials in June. Determine the line 30 halance hall would be shown in the materials ledeer accounts MacBook Air

Answer 1

a. Journalize the entry to record the purchase of materials in June and b. Journalize the entry to record the requisition of materials in june.

Sl.No.	Name of the Account	Debit	Credit
a.	Raw material Inventory - Fabric	$440,000
	Raw Material Inventory - Polyester Filling	$180,000
	Raw Material Inventory - Lumber	$360,000
	Raw Material Inventory - Glue	$40,000
	To Cash A/c		$1,020,000
	(being the raw material purchased )
b.	Factory Overheads A/c	$34,800
	To Raw material inventory - Glue A/c		$34,800
	(For indirect material transferred to overheads account)
	Work in Process A/c	$944,000
	Manufacturing overhead A/c	$34,800
	To Raw material Inventory - Fabric		$445,000
	To Raw Material Inventory - Polyester Filling		$166,000
	To Raw Material Inventory - Lumber		$333,000
	To Factory Overheads A/c		$34,800
	(to record the requisition of direct and indirect materials)

C. Determine the June 30 balances that would be shown in the material ledger accounts

Particulars	Fabric	Polyester Filling	Lumber	Glue	Total
Balance as of June1	$40,500	$28,600	$62,400	$6,550	$138,050
Add: Material purchased	$440,000	$180,000	$360,000	$40,000	$1,020,000
Less: Material requisitioned to individual jobs	$445,000	$166,000	$333,000	$34,800	$978,800
Balance as of June30	$35,500	$42,600	$89,400	$11,750	$179,250