Question

Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.

1. $75,300 in raw materials were purchased for cash.
2. $72,100 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for indirect materials.
3. Total labor wages of $150,800 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for indirect labor.
4. Additional manufacturing overhead costs of $125,900 were incurred and paid.
5. Manufacturing overhead of $122,200 was applied to production using the company’s predetermined overhead rate.
6. All of the jobs in process at the end of the month were completed.
7. All of the completed jobs were shipped to customers.
8. 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

Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Finished Goods Beg. Bal. Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. < Required 1 Required 2 >

Answer 1

a.

General Excel Poo-2 new - Microsoft Excel |xm File Home Insert Page Layout Formulas Data Review View X Cut Σ AutoSum και Calibri 11 AA Wrap Text General F Copy Fill - Paste BIU - A % 4.0 Insert Delete Format + Merge & Center Format Painter 0 Clear Conditional Format Cell Formatting as Table Styles Styles Sort & Find & Filter Select Font Alignment Number Cells Editing Clipboard J33 A B с D E F G H к M N o P. 4 5 Debit 6 7 Particulars Beg. Balance Cash Credit Particulars $0 $75,300 Raw materials purchases $1,50,800 Labor Wages $1,25,900 Other Manufacturing overehad Particulars Beg. balance Raw materials purchases Raw materials Debit Credit Particulars $0 $75,300 $72,100 Material used End. balance $3,200 End. Balance $3,52,000 Particulars Beg. Balance Direct Materials Direct labor Manufacturing Overhead Work In Process Debit Credit Particulars $0 $66,900 $3,23,800 Completed Jobs $1,34,700 $1,22,200 Particulars Beg. Balance Completed Jobs Finished Goods Debit Credit Particulars $0 $3,23,800 $3,23,800 Cost of goods sold End. Balance $0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 End. Balance $0 Particulars Particulars Beg. Balance Indirect Materials Indirect labor Other Manufacturing overhead Manufacturing overhead Debit Credit Particulars SO $5,200 $1,22,200 Manufacturing Overhead applied $16,100 $25,000 Cost of goods sold $1,25,900 Particulars Beg. Balance Finished goods Underapplied overhead Cost of goods sold Debit Credit SO $3,23,800 $25,000 End. Balance $3,48,800 End. Balance $0 Sheet398 Sheet399 Sheet400 Sheet401 Sheet402 Sheet403 Sheet404 Sheet405 Sheet406 Sheet Ready BEEBI 80% + 06:24 1 Type here to search e a ENG 15-09-2020

b.

Adjusted cost of goods sold = $348,800