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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. $75,500 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e. Manufacturing overhead of $121,200 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. $75,500 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e. Manufacturing overhead of $121,200 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.

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. $75,500 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e. Manufacturing overhead of $121,200 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.
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. $75,500 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e. Manufacturing overhead of $121,200 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 Debi Beginning balance Ending Balance Debil Beginning Balance Ending Balance Cash Work in Process Manufacturing Overhead Credit Cred Credit Required 1 Required 2 Begiving Balance Ending once Debit Endng Balance Debi Beginning Balance Debil Beginning Balance Raw Materials Finished Goods Cost of Goods Sold Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold < Required 1 a. $75,500 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $133,500 wa: indirect labor. d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e. Manufacturing overhead of $121,200 was applied to production using the company's 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 t Cost of Good Credit Credit Complete this question by entering your answers in the tabs below. Creat Required 2 >
Transcribed Image Text:Post the above transactions to T-accounts. Debit Beginning Balance Ending Balance Debi Beginning balance Ending Balance Debil Beginning Balance Ending Balance Cash Work in Process Manufacturing Overhead Credit Cred Credit Required 1 Required 2 Begiving Balance Ending once Debit Endng Balance Debi Beginning Balance Debil Beginning Balance Raw Materials Finished Goods Cost of Goods Sold Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold < Required 1 a. $75,500 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $133,500 wa: indirect labor. d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e. Manufacturing overhead of $121,200 was applied to production using the company's 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 t Cost of Good Credit Credit Complete this question by entering your answers in the tabs below. Creat Required 2 >
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