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. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for Indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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 Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance 94,000 89,000 11,000 Ending Balance 6,000 Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Manufacturing Overhead Ending Balance Cost of Goods Sold Credit Debit Credit Beginning Balance Ending Balance
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. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for Indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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 Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance 94,000 89,000 11,000 Ending Balance 6,000 Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Manufacturing Overhead Ending Balance Cost of Goods Sold Credit Debit Credit Beginning Balance Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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. $94,000 in raw materials were purchased for cash.
b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for
Indirect materials.
c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for
Indirect labor.
d. Additional manufacturing overhead costs of $143,000 were incurred and paid.
e. Manufacturing overhead of $152,000 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
Ending Balance
Cash
Raw Materials
Credit
Debit
Credit
Beginning Balance
94,000
89,000
11,000
Ending Balance
6,000
Work in Process
Finished Goods
Debit
Credit
Debit
Credit
Beginning Balance
Beginning Balance
Ending Balance
Debit
Beginning Balance
Ending Balance
Manufacturing Overhead
Ending Balance
Cost of Goods Sold
Credit
Debit
Credit
Beginning Balance
Ending Balance
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