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. $76,400 in raw materials were purchased for cash. b. $73,000 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,700 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $126,700 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.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![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. $76,400 in raw materials were purchased for cash.
b. $73,000 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $152,700 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $126,800 were incurred and paid.
e. Manufacturing overhead of $126,700 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%2Ffafbea1e-da97-44d9-88cf-94bc0d1ddd25%2F91086846-0d83-422f-8d82-b2e7260c3250%2F9w5g1rg_processed.png&w=3840&q=75)
![Required 1
Required 2
Post the above transactions to T-accounts.
Cash
Raw Materials
Beg. bal.
Beg. bal.
End. bal.
End. bal.
Work in Process
Finished Goods
Beg. bal.
Beg. bal.
End, bal.
End. bal.
Manufacturing Overhead
Cost of Goods Sold
Beg. bal,
Beg. bal.
End, bal.
End, bal.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffafbea1e-da97-44d9-88cf-94bc0d1ddd25%2F91086846-0d83-422f-8d82-b2e7260c3250%2Fslifyr_processed.png&w=3840&q=75)
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