Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recentmonth 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 indirectmaterials.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 balanceb.Complete this question by entering your answers in the tabs below.Required 1Beginning balanceC.e.Required 2Beginning balanceEnding balanceC.d.b.DebitDebitBeginning balance✓✔Debit› › ›✓Cash✓Work in Process17,100 X133,400✔150,500Manufacturing Overhead017,800 X125,800 X3,200 xCredit75,700 a.150,500✔ C.126,100✔ d.352,300Creditf.Credit128,100 (X)|e.Answer is not complete.›››Beginning balancea.Ending balance|f.Beginning balanceEnding balanceDebith.Debitg.Beginning balanceDebit✓✓✓Raw Materials75,700✔2,900Finished Goods126,100 xCost of Goods Sold30,000 XCredit72,800✔ b.Credit126,100 Xf.Creditx

T-Account is the ledger account in which journal entries are posted. It is the second step of…

Answered: Required: 1. Post the above…

Business

Accounting

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

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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

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Step 1: Introduce to T-accounts and Underapplied Overhead :

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Step 2: Working for indirect materials, indirect labor and under-applied overhead :

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Step 3: Working for actual manufacturing overhead

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Step 4: Working for underapplied overhead

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Step 5: Working for adjusted cost of goods sold

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