Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

It is telling me that my answer is not complete but I have everything correct, I just need help with what I am missing. 6

It is telling me that my answer is not complete but I have everything correct, I just need help with what I am missing.

image text in transcribedimage text in transcribedimage text in transcribed

6 points 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. $76,000 in raw materials were purchased for cash. b. $72,800 in raw materials were used in production. Of this amount, $66,100 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $152,900 were incurred and paid. Of this amount, $133,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e. Manufacturing overhead of $122,000 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. % Answer is not complete. Complete this question by entering your answers in the tabs below. 11 X Answer is not complete. Complete this question by entering your answers in the tabs below. 6 points Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Credit Credit Debit Beginning balance Debit Beginning balance 0 76,000 a. a 76,000 72,800 b. 152,900 c. OOO 125,300d. Ending balance 354,200 Ending balance 3,200 Work in Process Finished Goods Debit Credit Debit Credit Beginning balance 0 Beginning balance 0 b. 322,000 f. f. 322,000 322,000 g 66,100 133,900 C. e. 122.000 Work in Process Finished Goods Credit Credit Debit Beginning balance b. 0 Debit Beginning balance f. 0 6 points 322,000 f. 1. 322.000 322.000 g . 66,100 133,900 OOO C. OOOO e. 122,000 Ending balance Ending balance Cost of Goods Sold Credit Credit 0 Manufacturing Overhead Debit Beginning balance 0 b. 6,700 122,000 C. 19,000 d. d 125,300 OOO Debit Beginning balance 9. . h. e. 322,000 OOO 29,000 Ending balance 29,000 Ending balance 351.000 Required Required 2 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Accounting questions

Question

Why Is There Not More Trade?

Answered: 1 week ago