Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period.

Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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 $75,700 in raw materials for cash. b. $72,800 in raw materials were used in production. Of this amount, $65,500 was direct materials and the remainder was indirect materials. c. Paid employees $150,500 cash. Of this amount, $133,400 was direct labor and the remainder was indirect labor. d. Paid $126,100 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $122,500 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. Post the above transactions to T-accounts. Ending balance b. Complete this question by entering your answers in the tabs below. Required 1 Beginning balance C. e. Required 2 Beginning balance Ending balance C. d. b. Debit Debit Beginning balance ✓ ✔ Debit › › › ✓ Cash ✓ Work in Process 17,100 X 133,400✔ 150,500 Manufacturing Overhead 0 17,800 X 125,800 X 3,200 x Credit 75,700 a. 150,500✔ C. 126,100✔ d. 352,300 Credit f. Credit 128,100 (X)|e. Answer is not complete. ››› Beginning balance a. Ending balance |f. Beginning balance Ending balance Debit h. Debit g. Beginning balance Debit ✓ ✓ ✓ Raw Materials 75,700✔ 2,900 Finished Goods 126,100 x Cost of Goods Sold 30,000 X Credit 72,800✔ b. Credit 126,100 X f. Credit x
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 $75,700 in raw materials for cash. b. $72,800 in raw materials were used in production. Of this amount, $65,500 was direct materials and the remainder was indirect materials. c. Paid employees $150,500 cash. Of this amount, $133,400 was direct labor and the remainder was indirect labor. d. Paid $126,100 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $122,500 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. Post the above transactions to T-accounts. Ending balance b. Complete this question by entering your answers in the tabs below. Required 1 Beginning balance C. e. Required 2 Beginning balance Ending balance C. d. b. Debit Debit Beginning balance ✓ ✔ Debit › › › ✓ Cash ✓ Work in Process 17,100 X 133,400✔ 150,500 Manufacturing Overhead 0 17,800 X 125,800 X 3,200 x Credit 75,700 a. 150,500✔ C. 126,100✔ d. 352,300 Credit f. Credit 128,100 (X)|e. Answer is not complete. ››› Beginning balance a. Ending balance |f. Beginning balance Ending balance Debit h. Debit g. Beginning balance Debit ✓ ✓ ✓ Raw Materials 75,700✔ 2,900 Finished Goods 126,100 x Cost of Goods Sold 30,000 X Credit 72,800✔ b. Credit 126,100 X f. Credit x
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS