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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. a. Purchased $76,500 in raw materials for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,100 was direct materials and the remainder was indirect materials. c. Paid employees $151,800 cash. Of this amount, $134,100 was direct labor and the remainder was indirect labor. d. Paid $125,600 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $128,500 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 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. Complete this question by entering your answers in the tabs below.

Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $76,500 in raw materials for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,100 was direct materials and the remainder was indirect materials. c. Paid employees $151,800 cash. Of this amount, $134,100 was direct labor and the remainder was indirect labor. d. Paid $125,600 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $128,500 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 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. Complete this question by entering your answers in the tabs below.

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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Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $76,500 in raw materials for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,100 was direct materials and the remainder was indirect materials. c. Paid employees $151,800 cash. Of this amount, $134,100 was direct labor and the remainder was indirect labor. d. Paid $125,600 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $128,500 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 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Debit Beginning balance Ending balance Debit Cash Work in Process Credit 0 a. Credit Beginning balance Ending balance Debit Debit Raw Materials 0 Finished Goods Credit 0 Credit
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. a. Purchased $76,500 in raw materials for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,100 was direct materials and the remainder was indirect materials. c. Paid employees $151,800 cash. Of this amount, $134,100 was direct labor and the remainder was indirect labor. d. Paid $125,600 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $128,500 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 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Debit Beginning balance Ending balance Debit Cash Work in Process Credit 0 a. Credit Beginning balance Ending balance Debit Debit Raw Materials 0 Finished Goods Credit 0 Credit
Beginning balance Ending balance Beginning balance Ending balance Debit Beginning balance Ending balance Debit Debit 0 Work in Process Manufacturing Overhead 0 Credit 0 Credit 0 Credit 0 Beginning balance Ending balance Beginning balance Ending balance Ending balance Debil Debit Beginning balance Required 1 Debit Finished Goods Cost of Goods Sold Required 2 > Credit 0 Credit Credit 0
Transcribed Image Text:Beginning balance Ending balance Beginning balance Ending balance Debit Beginning balance Ending balance Debit Debit 0 Work in Process Manufacturing Overhead 0 Credit 0 Credit 0 Credit 0 Beginning balance Ending balance Beginning balance Ending balance Ending balance Debil Debit Beginning balance Required 1 Debit Finished Goods Cost of Goods Sold Required 2 > Credit 0 Credit Credit 0
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