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. $76,500 in raw materials were purchased for cash. b. $72,200 in raw materials were used in production. Of this amount, $66.700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,300 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $127.000 were incurred and paid. e. Manufacturing overhead of $122,300 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. Post above transactions to T-accounts. Debit Beginning balance Ending balance Debit Beginning balance Ending balance Debit Beginning balance Ending balance Cash Work in Process Manufacturing Overhead Credit Required 1 Required 2 Credit Credit Beginning balance Ending balance Beginning balance Ending balance Debit Beginning balance Ending balance Debit Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 > Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold < Required 1 Credit Complete this question by entering your answers in the the 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. $76,500 in raw materials were purchased for cash. b. $72,200 in raw materials were used in production. Of this amount, $66.700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,300 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $127.000 were incurred and paid. e. Manufacturing overhead of $122,300 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. Post above transactions to T-accounts. Debit Beginning balance Ending balance Debit Beginning balance Ending balance Debit Beginning balance Ending balance Cash Work in Process Manufacturing Overhead Credit Required 1 Required 2 Credit Credit Beginning balance Ending balance Beginning balance Ending balance Debit Beginning balance Ending balance Debit Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 > Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold < Required 1 Credit Complete this question by entering your answers in the the Credit Credit
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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