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. $75,300 in raw materials were purchased for cash. $71,800 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. Total labor wages of $152,100 were incurred and paid. Of this amount, $134,100 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $125,700 were incurred and paid. Manufacturing overhead of $121,400 was applied to production using the company’s predetermined overhead rate. All of the jobs in process at the end of the month were completed. All of the completed jobs were shipped to customers. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Can you please help me with the following (See image attached, I completed what I could but am stuck, also need help with how to determine the adjusted COGS for the period): Post the above transactions to T-accounts and determine the adjusted cost of goods sold for the period.
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. $75,300 in raw materials were purchased for cash. $71,800 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. Total labor wages of $152,100 were incurred and paid. Of this amount, $134,100 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $125,700 were incurred and paid. Manufacturing overhead of $121,400 was applied to production using the company’s predetermined overhead rate. All of the jobs in process at the end of the month were completed. All of the completed jobs were shipped to customers. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Can you please help me with the following (See image attached, I completed what I could but am stuck, also need help with how to determine the adjusted COGS for the period): Post the above transactions to T-accounts and determine the adjusted cost of goods sold for the period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.
- $75,300 in raw materials were purchased for cash.
- $71,800 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $152,100 were incurred and paid. Of this amount, $134,100 was for direct labor and the remainder was for indirect labor.
- Additional
manufacturing overhead costs of $125,700 were incurred and paid. - Manufacturing overhead of $121,400 was applied to production using the company’s predetermined overhead rate.
- All of the jobs in process at the end of the month were completed.
- All of the completed jobs were shipped to customers.
- Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Can you please help me with the following (See image attached, I completed what I could but am stuck, also need help with how to determine the adjusted COGS for the period):
Transcribed Image Text:Beginning Balance
Ending Balance
e.
Beginning Balance
b.
C.
Ending Balance
Debit
b.
C.
d.
Debit
Ending Balance
Beginning Balance
Debit
Cash
Work in Process
65,100
134,100
121,400
320,600
6,700
Credit
75,300 a.
125,700 d.
Manufacturing Overhead
201,000
Credit
Credit
121,400 e.
h.
114,700
Beginning Balance
a.
Ending Balance
Ending Balance
Debit
Beginning Balance
g.
Debit
Ending Balance
Beginning Balance
Debit
T
Raw Materials
75,300
3,500
Finished Goods
Cost of Goods Sold
Credit
71,800 b.
Credit
g.
Credit
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