Question

Exercise 3-2 Prepare T-Accounts [L03-2, LO3-4] 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. $76,000 in raw materials were purchased for cash b. $71,700 in raw materials were used in production. Of this amount, $67,000 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, $133.900 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126,600 were incurred and paid e. Manufacturing overhead of $124,100 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 Complete this question by entering your answers in the tabs below Required 1Required 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.

Answer 1

Cash					Raw Materials
Beg. Bal.		$     76,000	Raw Materials		Beg. Bal.
		$ 1,33,900	Work in Process		Cash	$     76,000	$     71,700
		$     18,800	Manufacturing Overheads
		$ 1,26,600	Manufacturing Overheads
End. Bal.	$ 3,55,300				End. Bal.	$       4,300
Work in Process					Finished Goods
Beg. Bal.					Beg. Bal.
Raw Materials	$     67,000				Work in Process	$ 3,25,000	$ 3,25,000	Cost of Goods Sold
Cash	$ 1,33,900
Manufacturing Overheads	$ 1,24,100	$ 3,25,000	Finished Goods
End. Bal.					End. Bal.
Manufacturing Overheads					Cost of Goods Sold
Beg. Bal.					Beg. Bal.
Raw Materials	$       4,300	$ 1,24,100	Work in Process		Finished Goods	$ 3,25,000
Cash	$     18,800				Manufacturing Overheads	$     25,600
Cash	$ 1,26,600	$     25,600	Cost of Goods Sold
End. Bal.					End. Bal.		$ 3,50,600
Adjusted Cost of Goods sold = $350600