Journal entry worksheet $80,000 in raw materials were purchased on account. Note: Enter debits before credits. Journal entry worksheet $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits. Journal entry worksheet Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. Note: Enter debits before credits. Journal entry worksheet Depreciation of $175,000 was incurred on factory equipment. Note: Enter debits before credits. 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. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 was applied to production using the company's predetermined overhead rate. f. All of thejobs 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. Cash Raw Materials Beg. bal. Beg. bal. End. bal. End. bal. Work in Process Finished Goods Beg. bal. Beg. bal. End. bal. End. bal. Manufacturing Overhead Cost of Goods Sold Beg. bal. Beg. bal.Determine the adjusted cost of goods sold for the period. Adjusted cost of goods soldPrimare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $30,000 Indirect materials used in production $ 5,000 Direct labor $58,000 Manufacturing overhead applied to work in process $87,000 Underapplied overhead $ 4,000 ' Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56, 000 $ 65, 000 Finished goods $ 35, 000 $ 42 , 000 l Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Direct materials: ___ Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured ___ Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Osborn Manufacturing uses a predetermined overhead rate of $18.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $218,400 of total manufacturing overhead for an estimated activity level of 12,000 direct labor-hours. The company actually incurred $215,000 of manufacturing overhead and 11,500 direct labor-hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overapplied overhead increase or decrease the company's gross margin? By how much? 1. Manufacturing overhead by 2. The gross margin would byThe Polaris Company uses ajoborder costing system. The following transactions occurred in October: 3. Raw materials purchased on account, $210,000. b. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. 9. Jobs costing $520,000 according to theirjob cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $480,000 to complete according to theirjob cost sheets were shipped to customers during the month. These jobs were sold on account at 25% above cost. Required: 1. Preparejournal entries to record the transactions given above. 2. Prepare Taccounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $42,000. Journal entry worksheet Raw materials purchased on account, $210,000. Note: Enter debits before credits. Journal entry worksheet Record the raw materials issued to production, $190,000 ($178,000 direct materials and $12,000 indirect materials). Note: Enter debits before credits. Record the entry for accrued direct labor cost incurred, $90,000; indirect labor cost incurred, $110,000. Note: Enter debits before credits. Depreciation recorded on factory equipment, $40,000. Note: Enter debits before credits. Transaction General Journal Debit Credit d.Other manufacturing overhead costs accrued during October, $70,000. Note: Enter debits before credits. The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 30,000 machine-hours were recorded for October. Note: Enter debits before credits. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Note: Enter debits before credits. Transaction General Journal Debit Credit g