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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. $94,000 in raw materials were purchased for cash. $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. 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. Additional manufacturing overhead costs of $143,000 were incurred and paid. Manufacturing overhead of $152,000 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.     1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period

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. $94,000 in raw materials were purchased for cash. $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. 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. Additional manufacturing overhead costs of $143,000 were incurred and paid. Manufacturing overhead of $152,000 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.     1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 26E: The ability to assign a cost directly to a cost object by means of a causal relationship is a....
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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.

  1. $94,000 in raw materials were purchased for cash.
  2. $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.
  3. 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.
  4. Additional manufacturing overhead costs of $143,000 were incurred and paid.
  5. Manufacturing overhead of $152,000 was applied to production using the company’s predetermined overhead rate.
  6. All of the jobs in process at the end of the month were completed.
  7. All of the completed jobs were shipped to customers.
  8. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.

 

 

1. Post the above transactions to T-accounts.

2. Determine the adjusted cost of goods sold for the period.

 

 

Beginning balance Ending balance Beginning balance Ending balance Debit Beginning balance Debit Debit Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning balance Ending balance Debit Ending balance Debit Beginning balance Debit Beginning balance Raw Materials Finished Goods Cost of Goods Sold Credit Credit Credit
Transcribed Image Text:Beginning balance Ending balance Beginning balance Ending balance Debit Beginning balance Debit Debit Cash Work in Process Manufacturing Overhead Credit Credit Credit Beginning balance Ending balance Debit Ending balance Debit Beginning balance Debit Beginning balance Raw Materials Finished Goods Cost of Goods Sold Credit Credit Credit
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