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Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. Purchased

Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below.

  • Purchased $75,700 in raw materials for cash.
  • $71,300 in raw materials were used in production. Of this amount, $66,200 was direct materials and the remainder was indirect materials.
  • Paid employees $152,100 cash. Of this amount, $133,000 was direct labor and the remainder was indirect labor.
  • Paid $125,300 for additional manufacturing overhead costs.
  • Applied manufacturing overhead of $122,500 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 was closed to Cost of Goods Sold.

Required:

  1. Post the above transactions to T-accounts.
  2. Calculate the adjusted cost of goods sold for the period.

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