{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T12:10:59-04:00", "answer_date": "2024-05-26 12:10:59", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1738895", "url": "\/study-help\/questions\/jurvin-enterprises-recorded-the-following-transactions-for-the-past-month-1738895", "question_creation_date_js": "2024-05-26T12:10:59-04:00", "question_creation_date": "May 26, 2024 12:10 PM", "meta_title": "[Solved] Jurvin Enterprises recorded the following | SolutionInn", "meta_description": "Answer of - Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning Inventories. a | SolutionInn", "meta_keywords": "jurvin,enterprises,recorded,transactions,month,company,beginning,inventories,$114,000,raw,materials,purchased", "question_title_h1": " Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning Inventories. a. $114,000 in raw materials were purchased for", "question_title": " Jurvin Enterprises recorded the following transactions for the past month. The", "question_title_for_js_snippet": "Jurvin Enterprises recorded the following transactions for the past month The company had no beginning Inventories a $114,000 in raw materials were purchased for cash b $102,000 in raw materials were requisitioned for use in production Of this amount, $88,000 was for direct materials, and the remainder was for Indirect materials c Total labour wages of $146,000 were incurred and paid Of this amount, $132,000 was for direct labour, and the remainder was for Indirect labour d Other manufacturing overhead costs of $118,000 were incurred and paid e Manufacturing overhead costs of $112,000 were applied to jobs using the company's predetermined overhead rate f All of the jobs in progress at the end of the month were completed and shipped to customers g The underapplied or overapplied overhead for the period was closed out to cost of goods sold Required 1 Post the preceding transactions to T accounts End bal Cash Raw Materials 114,000 (a) 146,000 (c) (a) 114,000 102,000 (b) 118,000 (d) 378,000 Work in Process (b) 88,000 (c) 132,000 (e) 112,000 12,000 Finished Goods 332,000 (f) (f) 332,000 332,000 (g) Manufacturing Overhead Cost of Goods Sold (b) 14,000 112,000 (e) (g) 332,000 (c) 14,000 16,000 (g) (g) 18,000 (d) 118,000 18,000 2 Determine the cost of goods sold for the period Cost of goods sold $ 350,000 350,000", "question_description": "\"image\"image", "transcribed_text": "Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning Inventories. a. $114,000 in raw materials were purchased for cash. b. $102,000 in raw materials were requisitioned for use in production. Of this amount, $88,000 was for direct materials, and the remainder was for Indirect materials. c. Total labour wages of $146,000 were incurred and paid. Of this amount, $132,000 was for direct labour, and the remainder was for Indirect labour. d. Other manufacturing overhead costs of $118,000 were incurred and paid. e. Manufacturing overhead costs of $112,000 were applied to jobs using the company's predetermined overhead rate. f. All of the jobs in progress at the end of the month were completed and shipped to customers. g. The underapplied or overapplied overhead for the period was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. End. bal. Cash Raw Materials 114,000 (a) 146,000 (c) (a) 114,000 102,000 (b) 118,000 (d) 378,000 Work in Process (b) 88,000 (c) 132,000 (e) 112,000 12,000 Finished Goods 332,000 (f) (f) 332,000 332,000 (g) Manufacturing Overhead Cost of Goods Sold (b) 14,000 112,000 (e) (g) 332,000 (c) 14,000 16,000 (g) (g) 18,000 (d) 118,000 18,000 2. Determine the cost of goods sold for the period. Cost of goods sold $ 350,000 350,000", "related_book": { "title": "Intermediate accounting", "isbn": "978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094", "edition": "7th edition", "authors": "J. David Spiceland, James Sepe, Mark Nelson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/270.jpg", "uri": "\/textbooks\/intermediate-accounting-7th-edition-270", "see_more_uri": "" }, "free_related_book": { "isbn": "978-1260092073", "uri": "\/textbooks\/essentials-of-understanding-psychology-13th-international-edition-9781260092073-110927", "name": "Essentials Of Understanding Psychology", "edition": "13th International Edition" }, "question_posted": "2024-05-26 12:10:59", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/college-algebra\/factor-completely-3r-5-11r-5", "description": "Factor completely. 3(r + 5) - 11(r + 5) 4", "stars": 3 }, { "url": "\/on-june-25-wynn-assemblers-trades-in-a-machine-for", "description": "On June 25, Wynn Assemblers trades in a machine for a new one priced at $ 8,460, receiving a trade-in allowance of $ 1,500 on the old machine. Wynn Assemblers makes a down payment of $ 1,200 in cash...", "stars": 3 }, { "url": "\/study-help\/labor-and-employment-law\/2-according-to-the-court-was-ceballos-raising-his-concerns-1788356", "description": "2. According to the Court, was Ceballos raising his concerns as a citizen? Why is that determination important here? Explain.", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/16the-consumer-price-index-cpi-represents-changes-in-prices-of-1981923", "description": "=+16The Consumer Price Index (CPI) represents changes in prices of all goods and services purchased for consumption by urban households. User fees (such as water and sewer service) and sales and...", "stars": 3 }, { "url": "\/the-following-transactions-apply-to-ocktoc-co-for-2014-its", "description": "The following transactions apply to Ocktoc Co. for 2014, its first year of operations: 1. Received $50,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year...", "stars": 3 }, { "url": "\/study-help\/questions\/after-a-value-is-returned-from-a-called-function-program-9864867", "description": "After a value is returned from a called function, program control reverts to the _ _ _ _ .", "stars": 3 }, { "url": "\/study-help\/questions\/a-student-with-experiences-in-operations-and-general-management-is-3760704", "description": "A student with experiences in operations and general management is doing an internship in product marketing and development function. Based on this identify 4-5 key learning objectives. What...", "stars": 3 }, { "url": "\/study-help\/questions\/employees-at-a-large-manufacturer-are-surprised-to-find-that-5388228", "description": "Employees at a large manufacturer are surprised to find that cameras have been installed throughout the plant and all email communications are being monitored. Many are concerned about privacy and...", "stars": 3 }, { "url": "\/study-help\/questions\/compute-wynn-memorial-nursing-homes-days-in-accounts-receivable-compute-817602", "description": "Compute Wynn Memorial Nursing Home's days in accounts receivable. Compute Wynn Memorial Nursing Home's average payment period. Balance Sheet for Wynn Memorial Nursing Home Wynn Memorial Nursing Home...", "stars": 3 }, { "url": "\/study-help\/questions\/10-three-polarizing-disks-have-planes-that-are-parallel-and-817965", "description": "10. Three polarizing disks have planes that are parallel and centered on a common axis. The direction of the transmission axis (dashed line) in each case is shown relative to the common vertical...", "stars": 3 }, { "url": "\/study-help\/questions\/read-the-following-passage-mary-had-been-asking-her-neighbor-1055864", "description": "Read the following passage: \"Mary had been asking her neighbor to repair the fence on his goat pen all summer, but he'd only laughed at her and insisted the animals could not get out. So she was...", "stars": 3 }, { "url": "\/study-help\/questions\/a-machine-costing-209000-with-a-fouryear-life-and-an-818018", "description": "A machine costing $209,000 with a four-year life and an estimated $17,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce...", "stars": 3 }, { "url": "\/study-help\/questions\/the-following-are-the-financial-statements-of-carla-vista-company-8413848", "description": "The following are the financial statements of Carla Vista Company. 2020 CARLA VISTA COMPANY Balance Sheet December 31 Assets 2021 Cash $34,200 Accounts receivable 27,000 Inventory 24,300 Equipment...", "stars": 3 }, { "url": "\/study-help\/a-first-course-in-abstract-algebra\/show-that-every-group-g-with-identity-e-and-such", "description": "Show that every group G with identity e and such that x * x = e for all x G is abelian.", "stars": 3 }, { "url": "\/study-help\/financial-statement-analysis\/e1714-a-financial-statement-restatement-sunbeam-hard-by-the-mid1990s-1683727", "description": "E17.14. A Financial Statement Restatement: Sunbeam (Hard) By the mid-1990s, Sunbeam Corporation, the once celebrated household appliance manu- facturer, was reporting lackluster sales and losses. New...", "stars": 3 }, { "url": "\/study-help\/financial-statement-analysis\/e1711-spot-the-red-flags-in-a-cash-flow-statement-1683724", "description": "E17.11. Spot the Red Flags in a Cash Flow Statement: EDS and Cerner Corporation (Medium) Below are portions of the cash flow statements for Electronic Data Systems (EDS) and Cerner Corporation. Spot...", "stars": 3 }, { "url": "\/study-help\/financial-statement-analysis\/e1712-tracking-changes-in-net-operating-assets-and-the-asset-1683725", "description": "E17.12. Tracking Changes in Net Operating Assets and the Asset Turnover: Regina Company (Medium) (Based on an analysis by Patricia Fairfield, Georgetown University.) The Regina Company once marketed...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/problem-2-singh-corporation-makes-a-product-with-the-following-1738894", "next": "\/study-help\/questions\/110-chapter-5-homework-handout-00-8-topic-problem-4-1738896" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Jurvin Enterprises recorded the following transactions for the past month. The", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/jurvin-enterprises-recorded-the-following-transactions-for-the-past-month-1738895" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } }