Exercise 2-5 Prepare T-Accounts LO2-5, LO2-7 Jurvin Enterprises recorded the fol

Question

Exercise 2-5 Prepare T-Accounts LO2-5, LO2-7 Jurvin Enterprises recorded the following transactions for the just completed month. The company had no a $75,900 in raw materials were purchased for cash b $71,100 in raw materials were requisitioned for use in production. Of this amount $65,500 was for direct materials and the remainder was for indirect materials c. Total labor wages of $150,700 were incurred and paid. Of this amount, $134,300 was for direct labor and the remainder was for indirect labor dnuacgoveredcs of $125,200 were incured and paid e Manufacturing overhead costs of $118,200 were applied to jobs using the companyý's predetermined overhead rate t. All of the jobs in progress at the end of the month were completed and shipped to customers g Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold Required: 1. Post the above transactions to T-accounts Cash Beg Bal Beg Bal End. Ba End. Ball Work in Process Beg Bal Beg Ba End. Ba End Ba Cost of Goods Sold Beg. Bal Beg Ba End Bal End Bal 2 Determine the cost of goods sold for the period

Explanation / Answer

Cash Raw Materials Beg.bal Beg.bal 75,900 a. a. 75,900 71,100 b. 150,700 c. 125,200 d. end bal 351,800 end bal 4,800 Work in process finished goods Beg.bal Beg.bal b. 65,500 318,000 f. f. 318,000 318,000 g. c. 134,300 e. 118,200 end bal 0 end bal 0 Manufacturing overhead cost of goods sold Beg.bal beg bal 0 b. 5,600 118,200 e. g. 318,000 c. 16,400 29,000 h. h. 29,000 d. 125,200 End bal 0 end bal 347,000 Adjusted cost of goods sold 347,000

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