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