Jurvin Enterprises recorded the following transactions for the just completed mo

Question

Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $77,000 in raw materials were purchased for cash. b.$71,100 in raw materials were used in production. Of this amount, $65,800 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,900 were incurred and paid. Of this amount, $133,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,100 were incurred and paid. e. Manufacturing overhead of $125,700 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. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the perlod

Explanation / Answer

Answer 1 - Posting of transactions in T accounts Cash Raw Materials Beg.bal. Beg.bal. $0.00 $77,000.00 a a $77,000.00 $65,800.00 b $150,900.00 c $5,300.00 b $125,100.00 d End.bal. $353,000.00 End.bal. $5,900.00 Work in process Finished Goods Beg.bal. Beg.bal. b $65,800.00 $325,100.00 f f $325,100.00 $325,100.00 g c $133,600.00 e $125,700.00 End.bal. $0.00 End.bal. $0.00 Manufacturing Overheads Cost of goods sold Beg.bal. Beg.bal. b $5,300.00 $125,700.00 e g $325,100.00 c $17,300.00 h $22,000.00 d $125,100.00 $22,000.00 h End.bal. $0.00 End.bal. $347,100.00 Answer 2 Adjusted cost of goods sold = $347,100.00

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