Question
Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions...
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.
- $76,200 in raw materials were purchased for cash.
- $72,400 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $150,800 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor.
- Additional manufacturing overhead costs of $126,100 were incurred and paid.
- Manufacturing overhead of $129,700 was applied to production using the company’s predetermined overhead rate.
- All of the jobs in process at the end of the month were completed.
- All of the completed jobs were shipped to customers.
- Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.
Required:
- Post the above transactions to T-accounts.
- Determine the adjusted cost of goods sold for the period.
Post the above transactions to T-accounts. Cash Raw Materials Beg. Bal. Beg. Bal. 76,200 72,400 b. 76,200 a. 150,800 C. 126,100 d. End. Bal. 353,100 End. Bal. 3,800 Work in Process Finished Goods Beg. Bal. Beg. Bal. b. 328,300 328,300 g. 65,200 133,400 129,700 End. Bal. 328,300 End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. 129,700 e. Beg. Bal. b. c. d. 7,200 17,400 126,100 End. Bal. 21,000 End. Bal.
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold
Answers
Master Microsoft Excel Home Insert Page Layout Formulas Data Review Ruler Formula Bar ✓ Gridlines V Headings Message Bar Split Hide View Side by Side Synchronous Scrolling Zoom Macros Normal Page Page Break Custom Full Layout Preview Views Screen Workbook Views 100% Zoom to Selection Zoom New Window Arrange Freeze All Panes Unhide Save Switch Workspace Windows Reset Window Position Window Show/Hide Macros 110 E A B C E F G H I J K L Particulars Beg Bal. Amt Particulars OlBy Raw Material Purchased By Work In Process Direct Labour) 353100 By Manufacturing Overheads (Indirect Labour By Manufacturing Overheads Amt 76200 133400 17400 126100 Particulars Beg Bal. To Cash Raw Material Amt Particulars By Work In Process 76200 BY Manufacturing Overhead Amt 65200 7200 TO FINSHED GOODS (Sales) (Balancing figure) BY CLOSING BAL L 3800 TOTAL 76200 TOTAL 76200 TOTAL 353100 TOTAL 353100 Work In Process Amt Particulars Amt Particulars Beg Bal. To Raw Material To Cash To Manufacturing Overheads Particulars To Work in Process TO Manufacturing Overheads Cost of Goods Sold Amt Particulars 3283001 21000 BY FINISHED GOODS 349300 65200 BY COST OF GOODS SOLD 133400 1297001 TOTAL 328300 TOTAL 328300 TOTAL 349300 TOTAL 349300 Finished Goods Amt Particulars Particulars Amt Amt 129700 Particulars Beg Bal TO Raw Material To cash To cash Manufacturing Overheads Amt Particulars T O By Work In Process 7200 17400 BY COST OF GOODS SOLD (Under-applied) 126100 353100 TO Cost of goods sold To Profit and Loss (balancing figure) 349300 BY CASH 3800 21000 26 27 28 TOTAL 353100 TOTAL 3531001 TOTAL Process 150700 TOTAL ABC Costing 150700 Break Evenpoint Seurities Act 1933 process II Accounting Theory 4N Ready HO. 90% 4 9 8 0 DO 9 i 9:33 PM 05/02/2020Master Microsoft Excel Home Insert Page Layout Formulas Data Review Ruler Formula Bar ✓ Gridlines V Headings Message Bar - Split Hide View Side by Side Synchronous Scrolling y side meios Zoom Macros Normal Page Page Break Custom Full Layout Preview Views Screen Workbook Views 100% Zoom to Selection Zoom New Window Arrange Freeze All Panes Unhide Seve Switch Workspace Windows Reset Window Position Window Show/Hide Macros 110 - EF Adjusted Cost of Goods Sold (As per T Account) Work in Process + Manufacturing Overheads 328300+2 1000 349300 57 58 H L Process Seurities Act 1933 process II ABC Costing Accounting Theory Break Evenpoint N Ready 90% 4 9 8 0 D 9 05/02/2020
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