80.2K

Verified Solution

Link Copied!

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 $77,000 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production of this amount, $66,700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,500 were incurred and paid of this amount, $134,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $125,200 were incurred and paid. e Manufacturing overhead of $116,700 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. es Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period Credit Debit Beginning Balance Credit Debit Beginning Balance a C d sk Ending Balance Ending Balance + Work In Process Finished Goods Credit Debit Beginning Balance Credit ces Debit Beginning Balance b C e. Ending Balance Ending Balance Cost of Goods Sold Manufacturing Overhead Debit Beginning Balance Credit Credit Debit Beginning Balance Ib le c d Ending Balance Ending Balance 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. aces 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

See Answer