Exercise 3-2 Prepare T-Accounts [L03-2, LO34) Jurvin Enterprises recorded the fo

Question

Exercise 3-2 Prepare T-Accounts [L03-2, LO34) 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. $72.600 in raw materials were used in production. Of this amount, $66.600 was for direct materials and the remainder was for indirect materials c. Total labor wages of $152.600 were incurred and paid. Of thls amount, $134.200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid. e. Manufacturing overhead of $123,900 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 Prev 2 of 8 Score answer >

Explanation / Answer

Cash Raw Materials Beg.bal Beg.bal 75,100 a. a. 75,100 152,600 c. 72,600 b. 125,500 d. end bal 353,200 end bal 2,500 Work in process finished goods Beg.bal Beg.bal b. 66,600 f. 342,000 c. 134,200 342,000 g. e. 123,900 342,000 f. end bal 0 end bal 0 Manufacturing overhead cost of goods sold Beg.bal beg bal 0 b. 6,000 g. 342,000 c. 18,400 h. 26,000 d. 125,500 123,900 e 26,000 h End bal 0 end bal 368,000 Adjusted cost of goods sold 368,000

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