Exercise Algo Prepare TAccounts LO LO
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below.
a $ in raw materials were purchased for cash.
b $ in raw materials were used in production. Of this amount, $ was for direct materials and the remainder was for indirect materials.
c Total labor wages of $ were incurred and paid. Of this amount, $ was for direct labor and the remainder was for indirect labor.
d Additional manufacturing overhead costs of $ were incurred and paid.
e Manufacturing overhead of $ 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:
Post the above transactions to Taccounts.
Determine the adjusted cost of goods sold for the period.
