Jurvin Enterprises: T Accounts And C Connect Shopping Cart Fabletics Chapter 3 G

Question

Jurvin Enterprises: T Accounts And C Connect Shopping Cart Fabletics Chapter 3 Graded Exercises Help Save & Exit Submit Check my work 2 Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $76,500 in raw materials were purchased for cash. b. $71,500 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder points was for indirect materials. eBookC. Total labor wages of $151700 were incurred and paid Of this amount, $133100 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $127000 were incurred and paid e. Manufacturing overhead of $128.100 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 Hint Print Referenceslg. 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 period Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts Raw Materials Beo Ral

Explanation / Answer

Req 1: CASH ACCOUNT raw material Inventory 76,500 Factory Wages 151,700 Manufacturing OH 127000 Balance 355200 RAW MATERIAL INVENTORY Cash Account 76,500 Work in process 66,000 Manufacturing OH 5,500 Balance 5,000 MANUFACTURING OVERHEADS Raw material inventory 5,500 Work in process 128,100 Factory Wages 18,600 Cost of Goods sold 23,000 Cash 127,000 (balancing figure) WORK IN PROCESS INVENTORY Raw material Inventory 66,000 Finished Goods inventory 327,200 Factory Wages 133,100 Manufacturing OH 128,100 FINISHED GOODS INVENTORY Work in Process 327,200 Cost of Goods sold 327,200 COST OF GOODS SOLD Finished Goods inventory 327,200 Manufacturing OH 23,000 Balance 350,200 Req 2: Adjusted cost of Goods sold: Cost of Goods sold 327200 Add: Under-applied OH 23000 Adjusted cost of Goods sold: 350200

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