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

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Accounting

Jurvin Enterprises is a manufacturing company that had nobeginning inventories. A subset of the transactions that itrecorded during a recent month is shown below.

  1. $76,400 in raw materials were purchased for cash.
  2. $72,300 in raw materials were used in production. Of thisamount, $65,100 was for direct materials and the remainder was forindirect materials.
  3. Total labor wages of $150,800 were incurred and paid. Of thisamount, $134,900 was for direct labor and the remainder was forindirect labor.
  4. Additional manufacturing overhead costs of $126,500 wereincurred and paid.
  5. Manufacturing overhead of $122,600 was applied to productionusing the company’s predetermined overhead rate.
  6. All of the jobs in process at the end of the month werecompleted.
  7. All of the completed jobs were shipped to customers.
  8. Any underapplied or overapplied overhead for the period wasclosed 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.

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