Answer:
a. Debit Materials for $1,770,000; and Credit Account payable for $1,770,000.
b. Debit Work in process for $1,664,000; Debit Factory overhead for $83,600; and Credit Materials for $1,747,600.
Explanation:
a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank.
The journal entries will look as follows:
<u>Accounts Name Debit ($) Credit ($) </u>
Materials (w.1) 1,770,000
Account payable 1,770,000
<u><em>(To record the purchase of materials in April.) </em></u>
b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
The journal entries will look as follows:
<u>Accounts Name Debit ($) Credit ($) </u>
Work in process (w.2) 1,664,000
Factory overhead 83,600
Materials 1,747,600
<u><em>(To record to record the requisition of materials in April.) </em></u>
<u>Working:</u>
w.1: Materials purchased = Fabric + Polyester filling + Lumber + Glue = $820,000 + $315,000 + $555,000 + $80,000 = $1,770,000
w.2: Work in process = Materials - Factory overhead = $1,747,600 - $83,600 = $1,664,000