ucation.com/flow/connect.html ter 3 Homework Jurvin Enterprises recorded the fol

Question

ucation.com/flow/connect.html ter 3 Homework Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $75,100 in raw materials were purchased for cash. b. $72,200 in raw materials n raw materials were used in production. Of this amount. $66,100 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,000 were incurred and paid. Of this amount, $134.900 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $126.200 were incurred and paid. e. Manufacturing overhead of $126,400 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. ook encesh. 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. Next >

Explanation / Answer

Answer: Requirement 1 T-accounts for the above transaction would be prepared as follows: Cash Beg. Bal $                                  -   $                                    75,100 a $                                  -   $                                 1,52,000 c $                                  -   $                                 1,26,200 d $                                            -   End. Bal $                                 3,53,300 (Sum of all above) Raw Materials Beg. Bal a $                         75,100 $                                    72,200 b End. Bal $                           2,900 (75100-72200) Work in Process Beg. Bal b $                         66,100 $                                 3,27,400 f ($66,100+134,900+126,400) c $                      1,34,900 e $                      1,26,400 End. Bal $                                  -   Note: Since all the jobs in process at the end of the month were completed all the cost would be transferred to finished goods inventory Finished Goods Inventory Beg. Bal f $                      3,27,400 $                                 3,27,400 g End. Bal $                                  -   Note: Since all the jobs completed were sent to customers End. Bal would be nil. Manufacturing Overhead Beg. Bal b $                           6,100 $                                 1,26,400 e c $                         17,100 $                                    23,000 h d $                      1,26,200 Work Note: b =72200-66100 $                                      6,100 c =152000-134900 $                                    17,100 h =6,100+17,100+126,200-126,400 $                                    23,000 Cost of goods sold Beg. Bal g $                      3,27,400 h $                         23,000 End. Bal $                      3,50,400 Requirement 2 Cost of goods sold for the period $                      3,50,400

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