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 $75,700 in raw materials for cash. • $71,300 in raw materials were used in production. Of this amount, $66,200 was direct materials and the remainder was indirect materials. • Paid employees $152,100 cash. Of this amount, $133,000 was direct labor and the remainder was indirect labor. • Paid $125,300 for additional manufacturing overhead costs. • Applied manufacturing overhead of $122,500 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: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period.

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 $75,700 in raw materials for cash. • $71,300 in raw materials were used in production. Of this amount, $66,200 was direct materials and the remainder was indirect materials. • Paid employees $152,100 cash. Of this amount, $133,000 was direct labor and the remainder was indirect labor. • Paid $125,300 for additional manufacturing overhead costs. • Applied manufacturing overhead of $122,500 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: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period.

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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