Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,800 in raw materials were purchased for cash. b. $72,300 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,200 were incurred and paid. Of this amount, $134,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,500 were incurred and paid. e. Manufacturing overhead of $128,000 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period.
Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,800 in raw materials were purchased for cash. b. $72,300 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,200 were incurred and paid. Of this amount, $134,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,500 were incurred and paid. e. Manufacturing overhead of $128,000 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period.
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![Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4]
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a
recent month is shown below.
a. $76,800 in raw materials were purchased for cash.
b. $72,300 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $150,200 were incurred and paid. Of this amount, $134,800 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $126,500 were incurred and paid.
e. Manufacturing overhead of $128,000 was applied to production using the company's predetermined overhead rate.
f. All of the jobs in process at the end of the month were completed.
g. All of the completed jobs were shipped to customers.
h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Required:
1. Post the above transactions to T-accounts.
2. Determine the adjusted cost of goods sold for the period.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the above transactions to T-accounts.
Cash
Debit
Beginning balance
Ending balance
Raw Materials
Credit
Debit
Credit
Beginning balance
Ending balance
Work in Process
Finished Goods
Debit
Credit
Debit
Credit
Beginning balance
Beginning balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2dc4f491-4f6c-40e4-8e1d-9a9bfe54b376%2F62710e08-961c-488e-99ac-193e8ec5182f%2F4s4yrcs_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4]
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a
recent month is shown below.
a. $76,800 in raw materials were purchased for cash.
b. $72,300 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $150,200 were incurred and paid. Of this amount, $134,800 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $126,500 were incurred and paid.
e. Manufacturing overhead of $128,000 was applied to production using the company's predetermined overhead rate.
f. All of the jobs in process at the end of the month were completed.
g. All of the completed jobs were shipped to customers.
h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Required:
1. Post the above transactions to T-accounts.
2. Determine the adjusted cost of goods sold for the period.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the above transactions to T-accounts.
Cash
Debit
Beginning balance
Ending balance
Raw Materials
Credit
Debit
Credit
Beginning balance
Ending balance
Work in Process
Finished Goods
Debit
Credit
Debit
Credit
Beginning balance
Beginning balance
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