Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I posted it earlier and they gave me the wrong answer please make sure it's correct and refer to the letter like a, b, c.
I posted it earlier and they gave me the wrong answer please make sure it's correct and refer to the letter like a, b, c. that's showing in the box. Thanks!!
2 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. 5 points a. $76,800 in raw materials were purchased for cash. b. $72,000 in raw materials were used in production of this amount, $66,700 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $151,400 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 $126,200 were incurred and paid. e. Manufacturing overhead of $120,600 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, 9. 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. Post the above transactions to T-accounts. Beg. bal. Beg. bal. Cash 76,800 151,400 126,200 Raw Materials 62,000 14,800 C. d. End. bal. 354,400 End, bal. 76,800 Work in Process Finished Goods Beg. bal Beg. bal 315,900 133,300 18,100 End, bal. 151,400 End, bal 315,900 Manufacturing Overhead Cost of Goods Sold Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started