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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. a $76,900 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials c Total labor wages of $151,100 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for Indirect labor d. Additional manufacturing overhead costs of $126,000 were incurred and paid e Manufacturing overhead of $124,800 was applied to production using the company's predetermined overhead rate. 1 All of the jobs in process at the end of the month were completed. 9. 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. 2. Determine the adjusted cost of goods sold for the period
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