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. $72,200 in raw materials were used in production. Of this amount, $65.600 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,100 were incurred and paid. Of this amount, $134,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,400 were incurred and paid. e. Manufacturing overhead of $125,500 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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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. $76,400 in raw materials were purchased for cash.
b. $72,200 in raw materials were used in production. Of this amount, $65,600 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $152,100 were incurred and paid. Of this amount, $134,600 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $125,400 were incurred and paid.
e. Manufacturing overhead of $125,500 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. $76,400 in raw materials were purchased for cash. b. $72,200 in raw materials were used in production. Of this amount, $65,600 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,100 were incurred and paid. Of this amount, $134,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,400 were incurred and paid. e. Manufacturing overhead of $125,500 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.
Beginning balance
Ending balance
Debit
Ending balance
Beginning balance
Debit
Ending balance
Debit
Beginning balance
Cash
Work in Process
Manufacturing Overhead
Required 1 Required 2
Credit
Credit
Determine the adjusted cost of goods sold for the period.
Adjusted cost of goods sold
Beginning balance
Ending balance
Begirtning balance
Ending balance
Debit
Debit
Ending balance
Beginning balance
Deb
Raw Materials
Finished Goods
Cost of Goods Sold
Credit
Credit
Credit
Transcribed Image Text:Beginning balance Ending balance Debit Ending balance Beginning balance Debit Ending balance Debit Beginning balance Cash Work in Process Manufacturing Overhead Required 1 Required 2 Credit Credit Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning balance Ending balance Begirtning balance Ending balance Debit Debit Ending balance Beginning balance Deb Raw Materials Finished Goods Cost of Goods Sold Credit Credit Credit
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