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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

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.

  1. $94,000 in raw materials were purchased for cash.
  2. $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.
  3. 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.
  4. Additional manufacturing overhead costs of $143,000 were incurred and paid.
  5. Manufacturing overhead of $152,000 was applied to production using the companys predetermined overhead rate.
  6. All of the jobs in process at the end of the month were completed.
  7. All of the completed jobs were shipped to customers.
  8. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.

Required:

1. Post the above transactions to T-accounts.

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Cash Raw Materials Credit Credit Debit Beginning balance Debit Beginning balance 0 0 0 0 a. a. 94,000 89,000 b. 94,000 132,000 143,000 c. d. Ending balance 369,000 Ending balance 5,000 Work in Process Finished Goods Credit Debit Credit Debit Beginning balance 0 0 0 0 Beginning balance f. 342,000 f. 342,000 342,000 g. 78,000 112,000 152,000 Ending balance Ending balance Cost of Goods Sold Credit Debit Beginning balance 0 Manufacturing Overhead Debit Credit Beginning balance 0 b. 11,000 152,000 e. 20,000 22,000 h. d. 143,000 g. 0 342,000 22,000 C. h. Ending balance Ending balance 364,000

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