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.

$76,000 in raw materials were purchased for cash.

$71,300 in raw materials were used in production. Of this amount, $66,600 was for direct materials and the remainder was for indirect materials.

Total labor wages of $150,300 were incurred and paid. Of this amount, $133,900 was for direct labor and the remainder was for indirect labor.

Additional manufacturing overhead costs of $125,400 were incurred and paid.

Manufacturing overhead of $122,500 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.

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.

1.

Cash Raw Materials
Debit Credit Debit Credit
Beginning Balance Beginning Balance
Ending Balance Ending Balance
Work in Process Finished Goods
Debit Credit Debit Credit
Beginning Balance Beginning Balance
Ending Balance Ending Balance
Manufacturing Overhead Cost of Goods Sold
Debit Credit Debit Credit
Beginning Balance Beginning Balance
Ending Balance Ending Balance

2.

Determine the adjusted cost of goods sold for the period.

Adjusted cost of goods sold

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

Core Concepts Of Accounting

Authors: Leslie K. Breitner, Robert N. Anthony

10th Edition

0136029442, 9780136029441

More Books

Students also viewed these Accounting questions

Question

How is ????0 different from ????0?

Answered: 1 week ago