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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $75,700 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.
.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb035c27-5ff8-4b7e-98ba-ee0cc60296e3%2Fb6f414a6-a6fa-4e55-b410-377b6305f9ea%2F69m4w3_processed.jpeg&w=3840&q=75)
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 $75,700 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.
.
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