Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions...
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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 below. a. $75,800 in raw materials were purchased for cash. b. $71,100 in raw materials were used in production. Of this amount, $65,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,200 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,900 were incurred and paid. e. Manufacturing overhead of $127,500 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. Required 1 Required 2 Post the above transactions to T-accounts. Cash Debit Beginning balance Ending balance Beginning balance b. C e. Ending balance Credit Beginning balance Debit Raw Materials Credit 0 71,100 75,800 0 75,800 a 152,200 b. a. 126,900 c 354,900 Ending balance Work In Process Debit Credit Debit Beginning balance Debit 0 65.300 327,200 134,400 127,500 Manufacturing Overhead Credit Ending balance 4,700 Finished Goods Credit 327,200 327 200 g Cost of Goods Sold Debit Credit Ending balance Beginning balance b. C e. Ending balance Debit Work in Process 75,800 a. 152,200 b. 126,900 c 354,900 0 65,300 134,400 127,500 Ending balance 4,700 Finished Goods Credit Debit Credit Beginning balance 327,2001. 0 327,200 327,200 g Ending balance Manufacturing Overhead Cost of Goods Sold Debit : Beginning balance Credit Debit Credit 0 Beginning balance b. C. 5,800 127,500 e. g. 17,800 23,000 h. [h. 0 327,200 23,000 d. 126,900 Ending balance Ending balance 350,200 Required 1 Required 2 > Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold $ 350,200 < Required 1 Required 2 > 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. $75,800 in raw materials were purchased for cash. b. $71,100 in raw materials were used in production. Of this amount, $65,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,200 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,900 were incurred and paid. e. Manufacturing overhead of $127,500 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. Required 1 Required 2 Post the above transactions to T-accounts. Cash Debit Beginning balance Ending balance Beginning balance b. C e. Ending balance Credit Beginning balance Debit Raw Materials Credit 0 71,100 75,800 0 75,800 a 152,200 b. a. 126,900 c 354,900 Ending balance Work In Process Debit Credit Debit Beginning balance Debit 0 65.300 327,200 134,400 127,500 Manufacturing Overhead Credit Ending balance 4,700 Finished Goods Credit 327,200 327 200 g Cost of Goods Sold Debit Credit Ending balance Beginning balance b. C e. Ending balance Debit Work in Process 75,800 a. 152,200 b. 126,900 c 354,900 0 65,300 134,400 127,500 Ending balance 4,700 Finished Goods Credit Debit Credit Beginning balance 327,2001. 0 327,200 327,200 g Ending balance Manufacturing Overhead Cost of Goods Sold Debit : Beginning balance Credit Debit Credit 0 Beginning balance b. C. 5,800 127,500 e. g. 17,800 23,000 h. [h. 0 327,200 23,000 d. 126,900 Ending balance Ending balance 350,200 Required 1 Required 2 > Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold $ 350,200 < Required 1 Required 2 >
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