Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions...
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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. a. $75,700 in raw materials were purchased for cash. b. $71,000 in raw materials were used in production. Of this amount, $65,600 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $133,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,000 were incurred and paid. e. Manufacturing overhead of $122,800 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 Raw Materiale 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. $75,700 in raw materials were purchased for cash. b. $71,000 in raw materials were used in production. Of this amount, $65,600 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $133,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,000 were incurred and paid. e. Manufacturing overhead of $122,800 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 Raw Materiale
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Answer rating: 100% (QA)
To post the above transactions to Taccounts we need to create Taccounts for the relevant accounts involved in the transactions Cash Raw Materials Work... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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