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Exercise 3-2 (Algo) Prepare T-Accounts (L03-2, LO3-4) Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it
Exercise 3-2 (Algo) Prepare T-Accounts (L03-2, LO3-4) 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 $76100 in raw materials were purchased for cash 6 $71300 in raw materials were used in production of this amount $65,800 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $251.300 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor d Additional manufacturing overhead costs of $125,000 were incurred and paid, e Manufacturing overhead of $126,600 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 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 Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg bal Beg bal 76.100 71,300 76.100 151,300 125,000 End bal 352.400 End, bal 4.800 Work in Process Finished Goods Beg bal b Beg bal 326,6001 326 600 326,600 C 65,800 134,200 126 800 e End bal End bal Manufacturing Overhead Cost of Goods Sold Beg bal b Beg bal 125,000 126,600fe End, bal 1,600 End bal Required 2 > 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. ces Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold
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