Question

2 Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, 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. 5 points a. $76,800 in raw materials were purchased for cash. b. $72,000 in raw materials were used in production of this amount, $66,700 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $151,400 were incurred and paid. Of this amount, $133,300 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 $120,600 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, 9. 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.

I posted it earlier and they gave me the wrong answer please make sure it's correct and refer to the letter like a, b, c. that's showing in the box. Thanks!!

Answer 1

Cash
Beg. Bal.		$     76,800	a.
		$ 1,51,400	c.
		$ 1,26,200	d.
End. Bal.	$ 3,54,400

Raw Materials
Beg. Bal.
a.	$     76,800	$     72,000	b.
End. Bal.	$       4,800

Work in Process
Beg. Bal.
b.	$     66,700
c.	$ 1,33,300
e.	$ 1,20,600	$ 3,20,600	f.
End. Bal.

Finished Goods
Beg. Bal.
f.	$ 3,20,600	$ 3,20,600	f.
End. Bal.

Manufacturing Overheads
Beg. Bal.
b.	$       5,300	$ 1,20,600	e.
c.	$     18,100	$     29,000	g.
d.	$ 1,26,200
End. Bal.

Cost of Goods Sold
Beg. Bal.
f.	$ 3,20,600
g.	$     29,000
End. Bal.		$ 3,49,600

2.

Adjusted Cost of Goods sold

=

$ 3,49,600

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