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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. $75,600 in raw materials were purchased for cash. b. $71,500 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,500 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid, e. Manufacturing overhead of $122,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Debit Beginning balance Cash Credit Debit Beginning balance Raw Materials 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. $75,600 in raw materials were purchased for cash. b. $71,500 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,500 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid, e. Manufacturing overhead of $122,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Debit Beginning balance Cash Credit Debit Beginning balance Raw Materials 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. $75,600 in raw materials were purchased for cash. b. $71,500 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,500 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid, e. Manufacturing overhead of $122,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 21 Post the above transactions to T-accounts. Debit Beginning balance Cash Credit Debit Beginning balance Raw Materials 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. $75,600 in raw materials were purchased for cash. b. $71,500 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,500 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid, e. Manufacturing overhead of $122,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 21 Post the above transactions to T-accounts. Debit Beginning balance Cash Credit Debit Beginning balance Raw Materials Credit
Beginning balance Ending balance Debit Ending balance Beginning balance Debit Ending balance Debit Beginning balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning balance Ending balance. Beginning balance Ending balance Debit Ending balance Replined Debit Beginning balance Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 > Credit Credit Credit
Transcribed Image Text:Beginning balance Ending balance Debit Ending balance Beginning balance Debit Ending balance Debit Beginning balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning balance Ending balance. Beginning balance Ending balance Debit Ending balance Replined Debit Beginning balance Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 > Credit Credit Credit
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