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.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

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Sweeten company had no jobs in progress at the beginning of march and no beginning inventories. the company has two manufacturing departments--molding and fabrication. it started, completed, and sold only two jobs during march—job p and job q. the following additional information is available for the company as a whole and for jobs p and q (all data and questions relate to the month of march): molding fabrication total estimated total machine-hours used 2,500 1,500 4,000 estimated total fixed manufacturing overhead $ 10,000 $ 15,000 $ 25,000 estimated variable manufacturing overhead per machine-hour $ 1.40 $ 2.20 job p job q direct materials $ 13,000 $ 8,000 direct labor cost $ 21,000 $ 7,500 actual machine-hours used: molding 1,700 800 fabrication 600 900 total 2,300 1,700 sweeten company had no underapplied or overapplied manufacturing overhead costs during the month. required: for questions 1-8, assume that sweeten company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. for questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. 1. what was the company’s plantwide predetermined overhead rate? (round your answer to 2 decimal places.) next