Answered step by step
Verified Expert Solution
Link Copied!

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.
a. $75,800 in raw materials were purchased for cash.
b. $71,600 in raw materials were used in production. Of this amount, $66,100 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, $134,900 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 $127,700 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:
Post the above transactions to T-accounts.
Determine the adjusted cost of goods sold for the period.
Complete this question by entering your answers in the tabs below.
Post the above transactions to T-accounts.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. $71,600 in raw materials were used in production. Of this amount, $66,100 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, $134,900 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 $127,700 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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Post the above transactions to T-accounts.
Beginning Balance
Cash
Credit
Debit
Raw Materials
Debit
Credit
Beginning Balance
75,800
71,600
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Practical Approach Chapters 1-26

Authors: Jeffrey Slater

8th Edition

0130911429, 978-0130911421

More Books

Students also viewed these Accounting questions

Question

What is your role within these groups?

Answered: 1 week ago