Question

Exercise 3-2 Prepare T-Accounts (LO3-2, LO3-4] 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. $76,200 in raw materials were purchased for cash. b. $72,400 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 $150,800 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,100 were incurred and paid. e. Manufacturing overhead of $129,700 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. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period.

Answer 1

Jurvin Enterprises Requirement 1 Cash Raw Materials Beg. Bal. Beg. Bal. a. 76200 b. 72400 76200 150800 126100 ن تا End Bal. End Bal. 3800 76200 76200 Work in Process Finished Goods Beg. Bal. b. Beg. Bal. f. 328300 g. 328300 65200 133400 129700 f. 328300 End Bal. 328300 328300 Cost of goods sold Beg. Bal. Manufacturing Overhead Beg. Bal. 7200 e. 129700 17400 h. 21000 d. 126100 End Bal. 328300 21000 h. End Bal. 349300 349300 349300 Requirement 2 The adjusted cost of goods sold is shown above as the ending balance in the Cost of Goods Sold T-account ($349,300).