Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories.$114.000 In raw materials were purchased for cash.b. $102.000 In raw materlals were requisitioned for use in production. Of this amount, $88000 was for direct materlals, and thec. Total labour wages of $146.000 were Incurred and pald. Of this amount, S132,000 was for direct labour, and the remainder was forremalnder was for Indirect materlals.Indirect labour.d. Other manufacturing overhead costs of $18,000 were Incurred and paid.e. Manufacturing overhead costs of $112.000 were applied to jobs using the company's predetermined overhead rate.f.All of the jobs in progress at the end of the month were completed and shlpped to customers.g. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold.Required:1. Post the preceding transactions to T-accounts.CashRaw MaterialsEnd. bal.Work in ProcessFinished GoodsManufacturing OverheadCost of Goods Sold

Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. b. $102.000 in raw materials were requisitioned for use in production. Of this amount, $88,000 was for direct matertals, and the remalnder was for Indirect materials. c Total labour wages of $146.000 were Incurred and pald. Of this amount, $132,000 was for direct labour, and the remainder was for Indirect labour. d. Other manufacturing overhead costs of $118,000 were incurred and paid. e. Manufacturing overhead costs of $112.000 were applied to jobs Using the company's predetermined overhead rate. f. All of the jobs In progress at the end of the month were completed and shipped to customers. 9. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. Cash Raw Materials End. bal. Work in Process Finished Goods Manufacturing Overhead Cost of Goods Sold

Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. b. $102.000 in raw materials were requisitioned for use in production. Of this amount, $88,000 was for direct matertals, and the remalnder was for Indirect materials. c Total labour wages of $146.000 were Incurred and pald. Of this amount, $132,000 was for direct labour, and the remainder was for Indirect labour. d. Other manufacturing overhead costs of $118,000 were incurred and paid. e. Manufacturing overhead costs of $112.000 were applied to jobs Using the company's predetermined overhead rate. f. All of the jobs In progress at the end of the month were completed and shipped to customers. 9. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. Cash Raw Materials End. bal. Work in Process Finished Goods Manufacturing Overhead Cost of Goods Sold

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 that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. $75,600 in raw materials were purchased for cash. $71,400 in raw materials were used in production. Of this amount, $65,500 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,400 were incurred and paid. Of this amount, $133,900 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $126,500 were incurred and paid. Manufacturing overhead of $119,900 was applied 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 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…
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