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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. $72,800 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $133,100 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 $125,300 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. Raw Materials Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Beginning Balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Ending Balance Determine the adjusted cost of goods sold for the period. Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Finished Goods Cost of Goods Sold Credit Credit 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. $72,800 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $133,100 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 $125,300 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. Raw Materials Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Beginning Balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Ending Balance Determine the adjusted cost of goods sold for the period. Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Finished Goods Cost of Goods Sold Credit Credit 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. $72,800 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $133,100 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 $125,300 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. Raw Materials Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Beginning Balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Ending Balance Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Finished Goods Cost of Goods Sold Credit Credit 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. $72,800 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $133,100 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 $125,300 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. Raw Materials Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Beginning Balance Cash Work in Process Manufacturing Overhead Credit Credit Credit Ending Balance Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Finished Goods Cost of Goods Sold Credit Credit Credit
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