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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. $76.300 in raw materials were purchased for cash b. $71.100 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 $151,000 were incurred and paid. Of this amount, $133,800 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126.900 were incurred and paid e. Manufacturing overhead of $128.800 was applied to production using the company's predetermined overhead rate. t. 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. $76.300 in raw materials were purchased for cash b. $71.100 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 $151,000 were incurred and paid. Of this amount, $133,800 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126.900 were incurred and paid e. Manufacturing overhead of $128.800 was applied to production using the company's predetermined overhead rate. t. 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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Required 1 Required 2 Post the above transactions to T-accounts. 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 Credit < Required 1 Beginning balance Ending balance Beginning balance Ending balance Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning balance Ending balance Debit Debit Debil Raw Materials Finished Goods Cost of Goods Sold Required 2 > Credit Credit Credit
Transcribed Image Text:Required 1 Required 2 Post the above transactions to T-accounts. 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 Credit < Required 1 Beginning balance Ending balance Beginning balance Ending balance Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Beginning balance Ending balance Debit Debit Debil Raw Materials Finished Goods Cost of Goods Sold Required 2 > 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. $76,300 in raw materials were purchased for cash. b. $71,100 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 $151,000 were incurred and paid. Of this amount, $133,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,900 were incurred and paid. e. Manufacturing overhead of $128,800 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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the above transactions to T-accounts. Debit Beginning balance Cash Credit Debit Beginning balance Raw Materials 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. $76,300 in raw materials were purchased for cash. b. $71,100 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 $151,000 were incurred and paid. Of this amount, $133,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,900 were incurred and paid. e. Manufacturing overhead of $128,800 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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the above transactions to T-accounts. Debit Beginning balance Cash Credit Debit Beginning balance Raw Materials Credit
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