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. $75,700 in raw materials were purchased for cash. b. 572,700 in raw materials were requisitioned for use in production. Of this amount, 385,700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,100 were incurred and paid. Of this amount, $134,500 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead costs of $129,400 were applied to jobs using the company's predetermined overhead rate. f. 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 Raw Materials Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Finished Goods Beg. Bal. Beg. Bal. End. Bal. End. Bal. Cost of Goods Sold Beg. Bal Beg. Bal End. Bal. End. Bal. 2. Determine the cost of goods sold for the period.

Explanation / Answer

CASH Raw material 75,700 Factory wages 151,100 Cash 126,800 Balance 353600 RAW MATERIAL INVENTORY cassh 75,700 WIP Inventory 65,700 manufacturing OH 7,000 balance 3,000 MANUFACTURING OVERHEADS Raw material Inventory 7,000 WIP 129,400 Factory Wages 16,600 Cost of Goods sold 21,000 Cash 126,800 Balance Nil WORK IN PROCESS INVENTORY Raw material 65,700 Finished Goods 329,600 factory wages 134,500 Manufacturiing OH 129,400 Balance Nil FINISHED GOODS INVENTORY Work in process 329,600 Cost of Goods sold 329,600 Balance Nil COST OF GOODS SOLD Finished Goods 329,600 Manufacturing OH 21,000 Balance 350,600 Cost of goods sold for the period is $ 350,600

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