Question

Chapter 3 Homework Assignment 1 Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4) 25 point 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. Sped book 10 0 $76,300 in raw materials were purchased for cash. b. $72.000 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was for indirect materials c. Total labor wages of $150,000 were incurred and paid. Of this amount $134.900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e Manufacturing overhead of $120.400 was applied to production using the company's predetermined overhead rate 1. All of the jobs in process at the end of the month were completed. 9. 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 Print c Required: 1. Post the above transactions to T-accounts 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required Post the wave actions to accounts Rewal End but End Comento Enda Required)

Answer 1

Cash					Raw Materials
Beg.bal					Beg.bal
		76,300	a.		a.	76,300
		150,000	c.				72,000	b.
		126,800	d.
end bal		353,100			end bal	4,300
Work in process					finished goods
Beg.bal					Beg.bal
b.	66,500				f.	321,800
c.	134,900						321,800	g.
e.	120,400
		321,800	f.
end bal	0				end bal	0
Manufacturing overhead					cost of goods sold
Beg.bal					beg bal	0
b.	5,500				g.	321,800
c.	15,100				h.	27,000
d.	126,800
		120,400	e
		27,000	h
End bal	0				end bal	348,800
Adjusted cost of goods sold				348,800