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. $94,000 in raw materials were purchased for cash.
b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials..
c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.
d. Additional manufacturing overhead costs of $143,000 were incurred and paid.
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 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.
Post the above transactions to T-accounts.
|
Required 1
Cash | Raw Materials | |||||||
Beg. Bal. | a. | 94000 | Beg. Bal. | |||||
c. | 132000 | a. | 94000 | b. | 89000 | |||
d. | 143000 | |||||||
End. Bal. | $369000 | End. Bal. | $5000 | |||||
Work in Process | Finished Goods | |||||||
Beg. Bal. | Beg. Bal. | |||||||
b. | 78000 | f. | 342000 | f. | 342000 | g. | 342000 | |
c. | 112000 | |||||||
e. | 152000 | |||||||
End. Bal. | $0 | End. Bal. | $0 | |||||
Manufacturing Overhead | Cost of Goods Sold | |||||||
Beg. Bal. | Beg. Bal. | |||||||
b. | 11000 | e. | 152000 | g | 342000 | |||
c. | 20000 | h. | 22000 | h | 22000 | |||
d. | 143000 | |||||||
End. Bal. | $0 | End. Bal. | $364000 |
Actual manufacturing overhead= $11000+20000+143000= $174000
Underapplied or overapplied overhead= Actual manufacturing overhead-Applied manufacturing overhead
= $174000-152000= $22000 underapplied
Required 2
Adjusted cost of goods sold= $342000+22000= $364000
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions...
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. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials... c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder...
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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. $94,000 in raw materials were purchased for cash b. $89,000 in raw materials were used in production of this amount. $78,000 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder...
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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. $76,000 in raw materials were purchased for cash. $71,700 in raw materials were used in production. Of this amount, $66,600 was for direct materials and the remainder was for indirect materials. Total labor wages of $151,300 were incurred and paid. Of this amount, $133,600 was for direct labor and the remainder was for indirect...
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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. $75,800 in raw materials were purchased for cash. $72,200 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials. Total labor wages of $153,000 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect...
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. $76,300 in raw materials were purchased for cash. $72,100 in raw materials were used in production. Of this amount, $65,400 was for direct materials and the remainder was for indirect materials. Total labor wages of $151,400 were incurred and paid. Of this amount, $133,200 was for direct labor and the remainder was for indirect...
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. $75,700 in raw materials were purchased for cash. $72,300 in raw materials were used in production. Of this amount, $66,400 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,600 were incurred and paid. Of this amount, $133,800 was for direct labor and the remainder was for indirect...