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.
1. Post the above transactions to T-accounts.
2. Determine the adjusted cost of goods sold for the period.
Answer-
Cash | Raw Materials | |||||||
Beg. Bal. | Beg. Bal. | |||||||
$94,000 | a. | a. | $ 94,000 | $ 89,000 | b. | |||
$ 132,000 | c. | |||||||
$143,000 | d. | |||||||
End. Bal. | $369,000 | End. Bal. | $ 5,000 | |||||
Work in Process | Finished Goods | |||||||
Beg. Bal. | Beg. Bal. | |||||||
b. | $ 78,000 | f. | $ 342,000 | $ 342,000 | g. | |||
c. | $ 112,000 | |||||||
e. | $ 152,000 | $ 342,000 | f. | |||||
End. Bal. | End. Bal. | |||||||
Manufacturing Overheads | Cost of Goods Sold | |||||||
Beg. Bal. | Beg. Bal. | |||||||
b. | $ 11,000 | $ 152,000 | e. | g. | $ 342,000 | |||
c. | $ 20,000 | h. | $ 22,000 | |||||
d. | $ 143,000 | $ 22,000 | h. | |||||
End. Bal. | End. Bal. | $ 364,000 | ||||||
Adjusted Cost of Goods sold = $364,000 |
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Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions...
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. $94,000 in raw materials were purchased for cash. $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.. 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...
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...
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...
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...
urvin 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. $94,000 in raw materials were purchased for cash. $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.. 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...
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...
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were requisitioned for use 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...
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...
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. $76,300 in raw materials were purchased for cash. $72,300 in raw materials were used in production. Of this amount, $65,800 was for direct materials and the remainder was for indirect materials. Total labor wages of $152,000 were incurred and paid. Of this amount, $133,000 was for direct labor and the remainder was for indirect...
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. $76,600 in raw materials were purchased for cash. $72,300 in raw materials were used in production. Of this amount, $65,400 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,300 were incurred and paid. Of this amount, $133,900 was for direct labor and the remainder was for indirect...