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. a. $75,200 in raw materials were purchased for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,500 was for direct materials and the remainder was for indirect materials. c.Total labor wages of $152,100 were incurred and paid. Of this amount,$133,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e. Manufacturing overhead of $122,300 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.
Cash Raw Materials Beg. Bal. Beg. Bal. 71,300 End. Bal. End. Bal. 71,300 Work in Process Finished Goods Beg. Bal. Beg. Bal End. Bal. End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. 71,300 Beg. Bal.
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