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. $76,300 in raw materials were purchased for cash. b. $72,600 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,900 were incurred and paid. e. Manufacturing overhead of $123,200 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. $76,300 in raw materials were purchased for cash. b. $72,600 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,900 were incurred and paid. e. Manufacturing overhead of $123,200 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.
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,...
Related questions
Question
Please do not give solution in image format thanku
![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. $76,300 in raw materials were purchased for cash.
b. $72,600 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $126,900 were incurred and paid.
e. Manufacturing overhead of $123,200 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c9526c1-c92e-4b17-b334-bbc08d5d0873%2F8950a217-a7bc-41a6-b0f7-1ac36cb4bf27%2Fi02hqv_processed.jpeg&w=3840&q=75)
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. $76,300 in raw materials were purchased for cash.
b. $72,600 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $126,900 were incurred and paid.
e. Manufacturing overhead of $123,200 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 the above transactions to T-accounts.
Debit
Beginning Balance
Ending Balance
Beginning Balance
Ending Balance
Debit
Ending Balance
Debit
Beginning Balance
Cash
Work in Process
Manufacturing Overhead
Credit
Credit
Credit
Beginning Balance
Ending Balance
Debit
Ending Balance
Beginning Balance
Debit
Ending Balance
Debit
Beginning Balance
Determine the adjusted cost of goods sold for the period.
Adjusted cost of goods sold.
< Required 1
Raw Materials
Finished Goods
Cost of Goods Sold
Credit
Credit
Credit
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c9526c1-c92e-4b17-b334-bbc08d5d0873%2F8950a217-a7bc-41a6-b0f7-1ac36cb4bf27%2F7ii9y9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Post the above transactions to T-accounts.
Debit
Beginning Balance
Ending Balance
Beginning Balance
Ending Balance
Debit
Ending Balance
Debit
Beginning Balance
Cash
Work in Process
Manufacturing Overhead
Credit
Credit
Credit
Beginning Balance
Ending Balance
Debit
Ending Balance
Beginning Balance
Debit
Ending Balance
Debit
Beginning Balance
Determine the adjusted cost of goods sold for the period.
Adjusted cost of goods sold.
< Required 1
Raw Materials
Finished Goods
Cost of Goods Sold
Credit
Credit
Credit
Required 2 >
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,