Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $76,400 in raw materials for cash. b. $71,600 in raw materials were used in production. Of this amount, $66,600 was direct materials and the remainder was indirect materials. c. Paid employees $152,800 cash. Of this amount, $133,900 was direct labor and the remainder was indirect labor. d. Paid $126,500 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $127,400 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 was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Post the above transactions to T-accounts. Ending balance Required 2 Beginning balance Ending balance Debit Beginning balance Ending balance Debit Debit Beginning balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning balance Ending balance Beginning balance Ending balance Debit Ending balance Required 1 Debit Beginning balance Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 > Credit Credit Credit
Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $76,400 in raw materials for cash. b. $71,600 in raw materials were used in production. Of this amount, $66,600 was direct materials and the remainder was indirect materials. c. Paid employees $152,800 cash. Of this amount, $133,900 was direct labor and the remainder was indirect labor. d. Paid $126,500 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $127,400 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 was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Post the above transactions to T-accounts. Ending balance Required 2 Beginning balance Ending balance Debit Beginning balance Ending balance Debit Debit Beginning balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning balance Ending balance Beginning balance Ending balance Debit Ending balance Required 1 Debit Beginning balance Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 > Credit Credit Credit
Chapter1: Financial Statements And Business Decisions
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![Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4]
Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent
month is shown below.
a. Purchased $76,400 in raw materials for cash.
b. $71,600 in raw materials were used in production. Of this amount, $66,600 was direct materials and the remainder was indirect
materials
c. Paid employees $152,800 cash. Of this amount, $133,900 was direct labor and the remainder was indirect labor.
d. Paid $126,500 for additional manufacturing overhead costs.
e. Applied manufacturing overhead of $127,400 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 was closed to Cost of Goods Sold.
Required:
1. Post the above transactions to T-accounts.
2. Calculate 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.
Beginning balance
Ending balance
Debit
Ending balance
Beginning balance
Debit
Ending balance
Debit
Beginning balance
Cash
Work in Process
Manufacturing Overhead
Credit
Credit
Credit
Beginning balance
Ending balance
Ending balance
Debit
Beginning balance
Ending balance
Debit
Required t
Beginning balance
Debit
Raw Materials
Finished Goods
Cost of Goods Sold
Required 2 >
Credit
Credit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe35deb41-2b4b-4831-8dee-1fb7dd23ba0d%2F9549af5a-3e81-47db-aede-6558a1bf879f%2Fesq3vna_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4]
Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent
month is shown below.
a. Purchased $76,400 in raw materials for cash.
b. $71,600 in raw materials were used in production. Of this amount, $66,600 was direct materials and the remainder was indirect
materials
c. Paid employees $152,800 cash. Of this amount, $133,900 was direct labor and the remainder was indirect labor.
d. Paid $126,500 for additional manufacturing overhead costs.
e. Applied manufacturing overhead of $127,400 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 was closed to Cost of Goods Sold.
Required:
1. Post the above transactions to T-accounts.
2. Calculate 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.
Beginning balance
Ending balance
Debit
Ending balance
Beginning balance
Debit
Ending balance
Debit
Beginning balance
Cash
Work in Process
Manufacturing Overhead
Credit
Credit
Credit
Beginning balance
Ending balance
Ending balance
Debit
Beginning balance
Ending balance
Debit
Required t
Beginning balance
Debit
Raw Materials
Finished Goods
Cost of Goods Sold
Required 2 >
Credit
Credit
Credit
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