Jurvin Enterprises recorded the following transactions for the just completed mo

Question

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 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 was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid e. Manufacturing overhead of $152,000 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.

Explanation / Answer

b. Adjusted Cosst of Goods Sold will will be $364000

Cash Raw Material Beg Bal $94,000 a Beg Bal $78,000 b $1,32,000 c a $94,000 $11,000 b $1,43,000 d End Bal $3,69,000 End Bal $5,000 WIP Finished Goods Beg Bal Beg Bal b. $78,000 f $1,90,000 f. $1,90,000 c $1,12,000 e $1,52,000 End Bal $1,90,000 End Bal $3,42,000 Manufacturing Overhead Cost of Goods Sold Beg Bal Beg Bal b. $11,000 e $1,52,000 g. $3,42,000 c. $20,000 h. $22,000 h. $22,000 d $1,43,000 End Bal $1,74,000 End Bal $3,64,000

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