70.2K

Verified Solution

Link Copied!

- Jurvin Enterprises is a manufacturing company that had no beginning inventonles. A. subset of the transactions that it recorded during a recent month is shown below. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Or this amount, $78,000 was for direct makerials and the remainder was for indirect materials. c. Total kabor wages of $132,000 were incurred and pald. Of this amount, $112,000 Was for direct tabor and the remainder was for indirect labor. d. Additional monufacturing overhead costs of $143,000 were incurred and paid. e. Manufecturing overhead of $152,000 was applied to production using the company's predetermined overhead rate. 7. All or the jobs in process at the end of the month were completed. 9. All of the completed jobs were shlpped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Requlred: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this questlon by enterlng your enswers in the tabs below. Post the above transactions to Teccounts. 14 - Jurvin Enterpilses is a manutacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is showm below. a. $94,000 in raw materlals were purchased for cash. b. 589,000 in raw materials were used in production. Of this amount, 578,000 wes for direct materials and the remainder was for indirect materials. C. Total tabor wages of \$132,000 were incurred and pald, Ot this emount. $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and pald. e. Manufacturing overhead of $152,000 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 overopplied overheod 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 questlon by enterlag your enewers in the tebs belon. Determine the edfusted coet of goods soid for the period. Adjusted cost of goods sold

Answer & Explanation Solved by verified expert

See Answer