Question

Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded recent month is shown below. a. $76,100 in raw materials were purchased for cash. b. $72,100 in raw materials were used in production of this amount, $65,100 was for direct materials and the remainder was fo indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $133,700 was for direct labor and the remainder was indirect labor. d. Additional manufacturing overhead costs of $126,500 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. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Bog bal Bog bal a 76,100 72,100 C 76,100 152,600 126,500 d End, bal 355.200 End, bal 4,000 Work in Process Finished Goods Beg bal Beg bal b < Prev 4 of 12 il Next

Answer 1

1)
	Cash					Raw Materials					Work in Process					Finished Goods
	Beg. Bal.	$                  -	$    76,100.00	a)		Beg. Bal.					Beg. Bal.					Beg. Bal.
			$ 1,52,600.00	c)		a)	$ 76,100.00	$ 72,100.00	b)		b)	$    65,100.00	$ 3,25,200.00	f)		f)	$ 3,25,200.00	$ 3,25,200.00	g)
			$ 1,26,500.00	d)							c)	$ 1,33,700.00
											e)	$ 1,26,400.00
	Manufacturing Overhead
	b)	$      7,000.00	$ 1,26,400.00	e)
	c)	$    18,900.00
	d)	$ 1,26,500.00

2)	Computation of adjusted Cost of goods sold
	Actual manufacturing OH incurred				$ 1,52,400.00
	Manufacturing OH applied				$ 1,26,400.00
	Underapplied OH				$    26,000.00
	Unadjusted Cost of Goods sold				$ 3,25,200.00
Add:	Underapplied OH				$    26,000.00
	Adjusted Cost of Goods sold				$3,51,200.00

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