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HELP!! Jurvin Enterprises is a manufacturing company that had no beginning inventories. a subset of the transactions that is recorded durinh a recent month is
HELP!! Jurvin Enterprises is a manufacturing company that had no beginning inventories. a subset of the transactions that is recorded durinh a recent month is shown below
Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, 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. $75,800 in raw materials were purchased for cash. b. $72,600 in raw materials were used in production of this amount, $65,500 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $151,000 were incurred and paid. Of this amount $134,700 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,400 were incurred and paid. e. Manufacturing overhead of $124,800 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Credit Credit Debit Beginning Balance Debit Beginning Balance Cash Raw Materials Credit Credit Debit Beginning Balance Debit Beginning Balance 0 0 75,800 72,600 a 75,800 a 151,000 C 125,400 d. Ending Balance 352,200 Ending Balance 3,200 Work in Process Finished Goods Credit Credit Debit Beginning Balance b. Debit Beginning Balance 0 65,500 134,700 9 c. e. Ending Balance 200,200 Ending Balance Cost of Goods Sold Credit Credit Manufacturing Overhead Debit Beginning Balance b. Debit Beginning Balance e. 19 C th h d Ending Balance Ending Balance & Requlred Required 2 > a. $75,800 in raw materials were purchased for cash. b. $72,600 in raw materials were used in production. Of this amount, $65,500 was for indirect materials. c. Total labor wages of $151,000 were incurred and paid. Of this amount, $134,700 was indirect labor. d. Additional manufacturing overhead costs of $125,400 were incurred and paid. e. Manufacturing overhead of $124,800 was applied to production using the company's 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 Good 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 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold Step by Step Solution
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