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.$72,900 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials.Total labor wages of $150,100 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.Additional manufacturing overhead costs of $126,200 were incurred and paid.Manufacturing overhead of $128,000 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. Required:1. Post the above transactions to T-accounts.2. Determine the adjusted cost of goods sold for the period.ost the above transactions to T-accounts. Cash Raw MaterialsDebitCreditDebitCreditBeginning balance 75,300 Beginning balance 75,30072,900 Ending balance 75,300 Ending balance2,400 Work in ProcessFinished GoodsDebitCreditDebitCreditBeginning balance Beginning balance 65,200 Ending balance 65,200 Ending balance Manufacturing OverheadCost of Goods SoldDebitCreditDebitCreditBeginning balance Beginning balance Ending balance Ending balance

Inventories: - Inventories include all the raw materials which are used to produce goods available…

Answered: Jurvin Enterprises is a manufacturing…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.
$72,900 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials.
Total labor wages of $150,100 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.
Additional manufacturing overhead costs of $126,200 were incurred and paid.
Manufacturing overhead of $128,000 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.

Required:

1. Post the above transactions to T-accounts.

2. Determine the adjusted cost of goods sold for the period.

ost the above transactions to T-accounts.

Cash		Raw Materials
Debit	Credit	Debit	Credit
Beginning balance		75,300		Beginning balance
					75,300	72,900



Ending balance		75,300		Ending balance	2,400

Work in Process	Finished Goods
Debit	Credit	Debit	Credit
Beginning balance				Beginning balance
		65,200



Ending balance		65,200		Ending balance

Manufacturing Overhead	Cost of Goods Sold
Debit	Credit	Debit	Credit
Beginning balance				Beginning balance




Ending balance				Ending balance

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