Jurvin Enterprises recorded the following transactions for the just completed mo
ID: 2419831 • Letter: J
Question
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
$89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.
Manufacturing overhead costs of $152,000 were applied to jobs using the company’s predetermined overhead rate.
Post the above transactions to T-accounts
Based T accounts on Cash, Raw Materials, Work in process, Finished goods, Manufactured overhead, and Cost of good sold.
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
Explanation / Answer
Answer:1
Cash A/C (a) 94000 (c ) 132000 (d) 143000 Raw Material (a) 94000 (b) 89000 Balance 5000 Work in process A/C (b) 78000 (c ) 112000 (e ) 152000 (f) 342000 Balance 0 Finished goods A/C (f) 342000 (f) 342000 Balance 0 Manufacturing overhead A/C (b) 11000 (e ) 152000 (c ) 20000 (g) 22000 (d) 143000 Balance 0 Cost of goods sold A/C (f) 342000 (g) 22000 Balance 364000Related Questions
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