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. $75,000 in raw materials were purchased for cash. $72,700 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. Total labor wages of $152,900 were incurred and paid. Of this amount, $133,600 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $126,200 were incurred and paid. Manufacturing overhead of $125,900 was applied to production using the company’s predetermined overhead rate. All of the jobs in process at the end of the month were completed. All of the completed jobs were shipped to customers. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: Post the above transactions to T-accounts. Determine the adjusted cost of goods sold for the period.
Post the above transactions to T-accounts.
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1.
Prepare the t-accounts as follows:
Cash | |||
No | Amount | No | Amount |
Beg. Bal | 0 | a | 75000 |
c | 152900 | ||
d | 126200 | ||
Balance | 354100 | ||
Raw materials | |||
No | Amount | No | Amount |
a | 75000 | b | 72700 |
Balance | 2300 | ||
Work in process | |||
No | Amount | No | Amount |
b | 66300 | ||
c | 133600 | ||
e | 125900 | f | 325800 |
Balance | 0 | ||
Finished goods | |||
No | Amount | No | Amount |
f | 325800 | ||
Balance | 0 | ||
Manufacturing overhead | |||
No | Amount | No | Amount |
b | 6400 | e | 125900 |
c | 19300 | g | 26000 |
d | 126200 | ||
Balance | 0 | ||
Cost of goods sold | |||
No | Amount | No | Amount |
f | 325800 | ||
g | 26000 | ||
Balance | 351800 |
2.
Compute adjusted cost of goods sold as follows:
Adjusted cost of goods sold = Applied overheads + Goods shipped to customers
Adjusted cost of goods sold = 26000 + 325800
Adjusted cost of goods sold = $351800
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. $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...
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. a $76,900 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $66,800 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,100 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder...
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. $76.400 in raw materials were purchased for cash b. $71,600 in raw materials were used in production. Of this amount, $66.800 was for direct materials and the remainder was for indirect materials c. Total labor wages of $152,700 were incurred and paid. Of this amount, $134,600 was for direct labor and the remainder...
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. $71,600 in raw materials were used in production. Of this amount, $65,800 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,100 were incurred and paid. Of this amount, $133,400 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. a. $75,100 in raw materials were purchased for cash. b. $72,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $150,900 were incurred and paid. Of this amount, $134,400 was for direct labor and the remainder...
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. $76,200 in raw materials were purchased for cash. $72,200 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,800 were incurred and paid. Of this amount, $134,400 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. $75,400 in raw materials were purchased for cash. $72,100 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 $151,500 were incurred and paid. Of this amount, $133,000 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. a. $75,300 in raw materials were purchased for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,800 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,400 were incurred and paid. Of this amount, $133,100 was for direct labor and the remainder...