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Exercise 3-2 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. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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. Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Finished Goods Beg. Bal. Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Required 1 Required 2

Exercise 3-2 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. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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. Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Finished Goods Beg. Bal. Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Required 1 Required 2

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 62APSA: Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to...
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Exercise 3-2 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. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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.
Transcribed Image Text:Exercise 3-2 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. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.. c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $143,000 were incurred and paid. e. Manufacturing overhead of $152,000 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.
Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Finished Goods Beg. Bal. Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Required 1 Required 2
Transcribed Image Text:Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Finished Goods Beg. Bal. Beg. Bal. End. Bal. End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Required 1 Required 2
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