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.   $75,300 in raw materials were purchased for cash. $72,900 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 $150,100 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $126,200 were incurred and paid. Manufacturing overhead of $128,000 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: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. ost the above transactions to T-accounts.

Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
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Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...
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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.

 

  1. $75,300 in raw materials were purchased for cash.
  2. $72,900 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials.
  3. Total labor wages of $150,100 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor.
  4. Additional manufacturing overhead costs of $126,200 were incurred and paid.
  5. Manufacturing overhead of $128,000 was applied to production using the company’s predetermined overhead rate.
  6. All of the jobs in process at the end of the month were completed.
  7. All of the completed jobs were shipped to customers.
  8. 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.

ost the above transactions to T-accounts.

   
 
 
Cash   Raw Materials
Debit Credit Debit Credit
Beginning balance   75,300   Beginning balance      
          75,300 72,900  
               
               
               
Ending balance   75,300   Ending balance 2,400    
   
Work in Process Finished Goods
Debit Credit Debit Credit
Beginning balance       Beginning balance      
    65,200          
               
               
               
Ending balance   65,200   Ending balance      
   
Manufacturing Overhead Cost of Goods Sold
Debit Credit Debit Credit
Beginning balance       Beginning balance      
               
               
               
               
Ending balance       Ending balance      
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