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.$94,000 in raw materials were purchased for cash.$89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials..Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.Additional manufacturing overhead costs of $143,000 were incurred and paid.Manufacturing overhead of $152,000 was applied to production using the company’s predetermined overhead rate.All of the jobs in process at the end of the month were completed.All of the completed jobs were shipped to customers.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.

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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.

$94,000 in raw materials were purchased for cash.
$89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials..
Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.
Additional manufacturing overhead costs of $143,000 were incurred and paid.
Manufacturing overhead of $152,000 was applied to production using the company’s predetermined overhead rate.
All of the jobs in process at the end of the month were completed.
All of the completed jobs were shipped to customers.
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.

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