Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. Purchased $75,300 in raw materials for cash. $71, 600 in raw materials were used in production. Of this amount, $66, 600 was direct materials and the remainder was indirect materials. Paid employees $151,000 cash. Of this amount, $134,300 was direct labor and the remainder was indirect labor. Paid $125,600 for additional manufacturing overhead costs. Applied manufacturing overhead of $122, 300 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 was closed to Cost of Goods Sold. Required: Post the above transactions to T-accounts. Calculate the adjusted cost of goods sold for the period.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the
transactions it recorded during a recent month is shown below. Purchased $75,300 in raw materials for
cash. $71,600 in raw materials were used in production. Of this amount, $66, 600 was direct materials and
the remainder was indirect materials. Paid employees $151,000 cash. Of this amount, $134,300 was direct
labor and the remainder was indirect labor. Paid $125,600 for additional manufacturing overhead costs.
Applied manufacturing overhead of $122, 300 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 was closed to Cost of
Goods Sold. Required: Post the above transactions to T-accounts. Calculate the adjusted cost of goods
sold for the period.
Transcribed Image Text:Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. Purchased $75,300 in raw materials for cash. $71,600 in raw materials were used in production. Of this amount, $66, 600 was direct materials and the remainder was indirect materials. Paid employees $151,000 cash. Of this amount, $134,300 was direct labor and the remainder was indirect labor. Paid $125,600 for additional manufacturing overhead costs. Applied manufacturing overhead of $122, 300 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 was closed to Cost of Goods Sold. Required: Post the above transactions to T-accounts. Calculate the adjusted cost of goods sold for the period.
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