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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. a. $76,200 in raw materials were purchased for cash. b. $71,100 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 $152,800 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 $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined overhead rate, t. 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. Debit Beginning balance Ending balance Debit Beginning balance Ending balance Beginning balance Ending balance Debit Cash Work in Process Manufacturing Overhead Credit Credit Credit < Prev Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance Debit 1 of 3 Debit Debit Raw Materials Finished Goods Cost of Goods Sold Next > Credit Credit Credit

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. $76,200 in raw materials were purchased for cash. b. $71,100 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 $152,800 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 $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined overhead rate, t. 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. Debit Beginning balance Ending balance Debit Beginning balance Ending balance Beginning balance Ending balance Debit Cash Work in Process Manufacturing Overhead Credit Credit Credit < Prev Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance Debit 1 of 3 Debit Debit Raw Materials Finished Goods Cost of Goods Sold Next > Credit Credit Credit

FINANCIAL ACCOUNTING
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. a. $76,200 in raw materials were purchased for cash. b. $71,100 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 $152,800 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 $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined overhead rate. t. 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. Debit Beginning balance Ending balance Debit Beginning balance Ending balance Debit Beginning balance Ending balance Cash Work in Process Manufacturing Overhead Credit Credit Credit < Prev Required 1 Required 2 Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance 1 of 3 Debit Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Debit Debit Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Raw Materials Finished Goods Cost of Goods Sold Next > c. Total labor wages of $152,800 were incurred and paid. Of this amount, $134,800 was for direct labor a indirect labor. d. Additional manufacturing overhead costs of $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined o Complete this question by entering your answers in the tabs below. Credit 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. Credit Credit
Transcribed Image Text: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. $76,200 in raw materials were purchased for cash. b. $71,100 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 $152,800 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 $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined overhead rate. t. 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. Debit Beginning balance Ending balance Debit Beginning balance Ending balance Debit Beginning balance Ending balance Cash Work in Process Manufacturing Overhead Credit Credit Credit < Prev Required 1 Required 2 Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance 1 of 3 Debit Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Debit Debit Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Raw Materials Finished Goods Cost of Goods Sold Next > c. Total labor wages of $152,800 were incurred and paid. Of this amount, $134,800 was for direct labor a indirect labor. d. Additional manufacturing overhead costs of $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined o Complete this question by entering your answers in the tabs below. Credit 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. Credit Credit
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