Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below.
a. Purchased $76,100 in raw materials for cash.
b. $72,600 in raw materials were used in production. Of this amount, $65,600 was direct materials and the remainder was indirect materials.
c. Paid employees $152,000 cash. Of this amount, $133,100 was direct labor and the remainder was indirect labor.
d. Paid $126,100 for additional manufacturing overhead costs.
e. Applied manufacturing overhead of $125,000 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 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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Post the above transactions to T-accounts.
\table[[Cash,],[Beginning balance,,,],[,,,],[,,,],[,,,],[,,,],[Ending balance,,,]]
\table[[Work in Process,],[Beginning balance,,,Credit],[,,,],[,,,],[,,,],[,,,]]
\table[[Raw Materials,,],[Beginning balance,,,],[,,,],[,,,],[,,,],[,,,]]
\table[[Finished Goods,],[Beginning balance,,,Credit],[,,,],[,,,],[,,,],[,,,],[Ending balance,,,]]
\table[[Cost of Goods Sold,],[Beginning balance,,,],[,,,]]
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

Organizing Smart Buildings And CitiesPromoting Innovation And Participation

Authors: Elisabetta Magnaghi, VĂ©ronique Flambard, Daniela Mancini, Julie Jacques, Nicolas Gouvy

10th Edition

3030606066, 9783030606060

More Books

Students also viewed these Accounting questions

Question

How do financial statement assertions relate to audit procedures?

Answered: 1 week ago