Question

3 Homework Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not indicate con 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. & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2

Answer 1

Requirement 1 Cash Amount Particulars Particulars Particulars Amount Particulars A C D Amount $ 94,000.00 $ 132,000.00 $ 143,000.00 $369,000.00 Raw Materials Amount Particulars $ 94,000.00 B Balance c/d $ $ Amount 89,000.00 5,000.00 Work in Process Amount Particulars $ 78,000.00 $ 112,000.00 $ 152,000.00 6 $342,000.00 $ 342,000.00 $342,000.00 $ 94,000.00 $ 94,000.00 $ 5,000.00 Balance B/d R $ 369,000.00 Balance b/d Particulars Finished Goods Inventory Amount Particulars $ 342,000.00 6 Amount $ 342,000.00 Particulars Particulars Amount Manfacturing Overhead Amount Particulars $ 11,000.00 E $ 20,000.00 $143,000.00 H Amount $152,000.00 Cost of goods sold Amount Particulars $ 342,000.00 $ 22,000.00 Balance $ 342,000.00 $ 342,000.00 $ 22,000.00 $364,000.00 $174,000.00 $ 174,000.00 $364,000.00 $ 364,000.00 Requirement 2 Cost of goods sold Raw materials Direct Labour Manfacturing Ovehead Add : Under applied overhead Cost of goods sold $ 78,000.00 $ 112,000.00 $ 152,000.00 $ 22,000.00 $364,000.00