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 arecent 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 forindirect 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 forindirect 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 1Required 2Post the above transactions to T-accounts.CashRaw MaterialsBeg. Bal.Beg. Bal.End. Bal.End. Bal.Work in ProcessFinished GoodsBeg. Bal.Beg. Bal.End. Bal.End. Bal.Manufacturing OverheadCost of Goods SoldBeg. Bal.Beg. Bal.End. Bal.End. Bal.Required 1Required 2

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Asked Jan 29, 2020
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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.
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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.

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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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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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