recent month is shown below. 0 in raw materials were purchased for cash. 00 in raw materials were used in production. Of this amount, $66,500 was for direct materials and direct materials. or wages of $15 20 were incurred and paid Of this amount $122.60 une fo
recent month is shown below. 0 in raw materials were purchased for cash. 00 in raw materials were used in production. Of this amount, $66,500 was for direct materials and direct materials. or wages of $15 20 were incurred and paid Of this amount $122.60 une fo
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ss
![Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4]
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. $75,100 in raw materials were purchased for cash.
b. $71,200 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was
for indirect materials.
c. Total labor wages of $152,300 were incurred and paid. Of this amount, $133,600 was for direct labor and the remainder
was for indirect labor.
d. Additional manufacturing overhead costs of $125,200 were incurred and paid.
e. Manufacturing overhead of $123,600 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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Post the above transactions to T-accounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F747d2b8e-b8ab-4a70-93f4-8467608398a6%2Fe6370b7c-c8b8-43ca-8e13-6466eebc5c9c%2Fic8afhq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4]
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. $75,100 in raw materials were purchased for cash.
b. $71,200 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was
for indirect materials.
c. Total labor wages of $152,300 were incurred and paid. Of this amount, $133,600 was for direct labor and the remainder
was for indirect labor.
d. Additional manufacturing overhead costs of $125,200 were incurred and paid.
e. Manufacturing overhead of $123,600 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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Post the above transactions to T-accounts.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education