Question

Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. indirect materials. a. $75,600 in raw materials were purchased for cash. b. $72,300 in raw materials were used in production of this amount, $67,000 was for direct materials and the remainder was for c. Total labor wages of $151,400 were incurred and paid of this amount, $134,500 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126,000 were incurred and paid. e. Manufacturing overhead of $124.200 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 shippld 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 1

Cash

Debit		Credit
Particulars	Amount ($)	Particulars	Amount ($)
		A	$75600
		C	$151400
		D	$126000

Raw Materials

Debit		Credit
Particulars	Amount ($)	Particulars	Amount ($)
A	$75600	B	$72300

Work in Process

Debit		Credit
Particulars	Amount ($)	Particulars	Amount ($)
B	$67000
C	$134500
E	$124200	F	$325700

Finished Goods Inventory

Debit		Credit
Particulars	Amount ($)	Particulars	Amount ($)
F	$325700	G	$325700

Manufacturing Overhead

Debit		Credit
Particulars	Amount ($)	Particulars	Amount ($)
B	$5300	E	$124200
C	$16900
D	$126000	H	$24000

Cost of Goods Sold

Debit		Credit
Particulars	Amount ($)	Particulars	Amount ($)
G	$325700
H	$24000
		Balance	$349700

Requirement – 2;

Adjusted cost of goods sold = $349700