Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the...

50.1K

Verified Solution

Question

Accounting

image
image
image
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. 2. $75,600 in raw materials were purchased for cash. 6. $71,300 in raw materials were used in production of this amount, $65.200 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $151,300 were incurred and pald. Of this amount, $133,600 was for direct labor and the remainder was for Indirect labor d. Additional manufacturing overhead costs of $126,900 were incurred and paid e Manutacturing overhead of 126,700 was applied to production using the company's predetermined overhead rato. t. All of the jobs in process at the end of the month were completed. 9. 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 Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Credit Debit Beginning Balance Credit Debit Beginning Balance 75.600 d Ending Balance 75,600 Ending Balance Work in Process Finished Goods Credit Debit Beginning Balance Credit Debit Beginning Balance Ending Balance Ending Balance Cost of Goods Sold Manufacturing Overhead Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students