Saved Help Jurvin Enterprises recorded the following transactions for the just c

Question

Saved Help Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $76,700 in raw materials were purchased for cash. b. $71,400 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for points indirect materials Skippedc. Total labor wages of $150,800 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e. Manufacturing overhead of $126,300 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. eBook Hint Required 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Print

Explanation / Answer

Requirement – 1;

Cash

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

A

$76700

C

$150800

D

$125300

Raw Materials

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

A

$76700

B

$71400

Work in Process

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

B

$65200

C

$134000

E

$126300

F

$325500

Finished Goods Inventory

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

F

$325500

G

$325500

Manufacturing Overhead

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

B

$6200

E

$126300

C

$16800

D

$125300

H

$22000

Cost of Goods Sold

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

G

$325500

H

$22000

Balance

$347500

Requirement – 2;

Adjusted cost of goods sold = $347500

Cash

Debit

Credit

Particulars

Amount ($)

Particulars

Amount ($)

A

$76700

C

$150800

D

$125300

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