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Post the above transactions to T-accounts. Required 1 Required 2 Beginning balance Ending balance b. C. e. Beginning balance Ending balance Debit b. C. d. Debit Beginning balance Ending balance Debit ✔ ✓ ✓ Cash ✓ ♥ ✓ Work in Process 78,000✔ 112,000 152,000✔ 11,000 20,000✔ Manufacturing Overhead 143,000 Credit 94,000 a. 132,000✔✔ C. 143,000 d. 369,000 Credit 342,000 f. Credit 152,000✔ e. 22,000 g. ✓ ✔ ✓ ✔ ♥ X Beginning balance a. Debit Ending balance Beginning balance f. Ending balance 9. Debit Beginning balance f. < Required 1 ✔ Ending balance Debit ✓ X X Raw Materials 94,000✔ 5,000 Finished Goods Cost of Goods Sold 342,000✔ 22,000✔ 342,000✔ 342,000 f. 364,000 Credit Required 2 > 89,000 b. Credit Credit

Post the above transactions to T-accounts. Required 1 Required 2 Beginning balance Ending balance b. C. e. Beginning balance Ending balance Debit b. C. d. Debit Beginning balance Ending balance Debit ✔ ✓ ✓ Cash ✓ ♥ ✓ Work in Process 78,000✔ 112,000 152,000✔ 11,000 20,000✔ Manufacturing Overhead 143,000 Credit 94,000 a. 132,000✔✔ C. 143,000 d. 369,000 Credit 342,000 f. Credit 152,000✔ e. 22,000 g. ✓ ✔ ✓ ✔ ♥ X Beginning balance a. Debit Ending balance Beginning balance f. Ending balance 9. Debit Beginning balance f. < Required 1 ✔ Ending balance Debit ✓ X X Raw Materials 94,000✔ 5,000 Finished Goods Cost of Goods Sold 342,000✔ 22,000✔ 342,000✔ 342,000 f. 364,000 Credit Required 2 > 89,000 b. Credit Credit

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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a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 was applied 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 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 sold for the period. Post the above transactions to T-accounts. Beginning balance Ending balance b. Complete this question by entering your answers in the tabs below. Required 1 C. e. Beginning balance Ending balance b. C. d. Debit Required 2 Ending balance Debit Beginning balance Debit ✓ ✓ ✓ Cash ✓ Work in Process 78,000✔ 112,000 152,000✔ 11,000✔ 20,000 ✓ 143,000✔✔ Credit 94,000 a. 132,000✔ C. 143,000✔✔ d. Manufacturing Overhead 369,000 Credit 342,000 f. Credit Answer is complete but not entirely correct. 152,000 ✓ e. 22,000✔ g. › › › X Beginning balance a. Ending balance Ending balance Debit Beginning balance f. Ending balance < Required 1 Debit Beginning balance f. g. ✓ ✓ Debit X X Raw Materials 94,000✔ 5,000 Finished Goods 342,000✔ Cost of Goods Sold 342,000 22,000✔ 364,000 Required 2 > Credit 89,000 b. Credit 342,000✔ f. Credit ✓ X
Transcribed Image Text:a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 was applied 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 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 sold for the period. Post the above transactions to T-accounts. Beginning balance Ending balance b. Complete this question by entering your answers in the tabs below. Required 1 C. e. Beginning balance Ending balance b. C. d. Debit Required 2 Ending balance Debit Beginning balance Debit ✓ ✓ ✓ Cash ✓ Work in Process 78,000✔ 112,000 152,000✔ 11,000✔ 20,000 ✓ 143,000✔✔ Credit 94,000 a. 132,000✔ C. 143,000✔✔ d. Manufacturing Overhead 369,000 Credit 342,000 f. Credit Answer is complete but not entirely correct. 152,000 ✓ e. 22,000✔ g. › › › X Beginning balance a. Ending balance Ending balance Debit Beginning balance f. Ending balance < Required 1 Debit Beginning balance f. g. ✓ ✓ Debit X X Raw Materials 94,000✔ 5,000 Finished Goods 342,000✔ Cost of Goods Sold 342,000 22,000✔ 364,000 Required 2 > Credit 89,000 b. Credit 342,000✔ f. Credit ✓ X
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. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 was applied 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 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 sold for the period. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold $ 264,000 < Required 1 Required 2 >
Transcribed Image Text: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. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 was applied 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 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 sold for the period. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold $ 264,000 < Required 1 Required 2 >
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