Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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.
- $94,000 in raw materials were purchased for cash.
- $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.
- 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.
- Additional manufacturing overhead costs of $143,000 were incurred and paid.
- Manufacturing overhead of $152,000 was applied to production using the companys predetermined overhead rate.
- All of the jobs in process at the end of the month were completed.
- All of the completed jobs were shipped to customers.
- Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Required:
1. Post the above transactions to T-accounts.
ANSWER SAYS IT IS INCOMPLETE PLEASE HELP
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 364,000Step 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