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. $75,600 in raw materials were purchased for cash. b. $71,200 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 $150,200 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,900 were incurred and paid. e. Manufacturing overhead of $120,700 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. 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. $75,600 in raw materials were purchased for cash. b. $71,200 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 $150,200 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,900 were incurred and paid. e. Manufacturing overhead of $120,700 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.
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To determine the adjusted cost of goods sold for the period we need to post the given transactions t... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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