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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 $75,800 in raw materials were purchased for cash. b. $71,200 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $134,300 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e Manufacturing overhead of $124,900 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.

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 $75,800 in raw materials were purchased for cash. b. $71,200 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $134,300 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e Manufacturing overhead of $124,900 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.

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 $75,800 in raw materials were purchased for cash. b. $71,200 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $134,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e. Manufacturing overhead of $124,900 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. n. 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.
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 $75,800 in raw materials were purchased for cash. b. $71,200 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $134,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e. Manufacturing overhead of $124,900 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. n. 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.
Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Show Transcribed Text Beginning Balance Ending Balance Cash Work in Process Debit Show Transcribed Text Credit Manufacturing Overhead Credit Show Transcribed Text Credit Required 1 Required 2 Ĉ Beginning Balance Ending Balance Ending Balance Debit Beginning Balance 3 Debit < Required s Beginning Balance Ending Balance Raw Materials Finished Goods Debit Credit Required 2 > Credit Cost of Goods Sold Credit Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold
Transcribed Image Text:Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Show Transcribed Text Beginning Balance Ending Balance Cash Work in Process Debit Show Transcribed Text Credit Manufacturing Overhead Credit Show Transcribed Text Credit Required 1 Required 2 Ĉ Beginning Balance Ending Balance Ending Balance Debit Beginning Balance 3 Debit < Required s Beginning Balance Ending Balance Raw Materials Finished Goods Debit Credit Required 2 > Credit Cost of Goods Sold Credit Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold
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