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. $76,000 in raw materials were purchased for cash. b. $72,400 in raw materials were used in production. Of this amount, $65,300 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $150,500 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,600 were incurred and paid. e. Manufacturing overhead of $121,900 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. Cash Beg. Bal. Beg. Bal. End. Bal End. Bal. Work in Process Beg. Bal Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal End. Bal. < Required 1 Raw Materials Finished Goods Cost of Goods Sold Required 2 >
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. $76,000 in raw materials were purchased for cash. b. $72,400 in raw materials were used in production. Of this amount, $65,300 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $150,500 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,600 were incurred and paid. e. Manufacturing overhead of $121,900 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. Cash Beg. Bal. Beg. Bal. End. Bal End. Bal. Work in Process Beg. Bal Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal End. Bal. < Required 1 Raw Materials Finished Goods Cost of Goods Sold Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. $76,000 in raw materials were purchased for cash.
b. $72,400 in raw materials were used in production. Of this amount, $65,300 was for direct materials and the remainder was for
indirect materials.
C. Total labor wages of $150,500 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for
indirect labor.
d. Additional manufacturing overhead costs of $125,600 were incurred and paid.
e. Manufacturing overhead of $121,900 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.
Cash
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Work in Process
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Manufacturing Overhead
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
< Required 1
Raw Materials
Finished Goods
Cost of Goods Sold
Required 2 >
Transcribed Image Text: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
< Required 1
Required 2 >
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