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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. a. $77,000 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $65,700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $134,300 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 $125,600 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 Required 2 Post the above transactions to T-accounts. Debit Beginning Balance Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance Ending Balance Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Manufacturing Overhead Ending Balance Cost of Goods Sold Credit Debit Credit Beginning Balance Ending Balance

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. $77,000 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $65,700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $134,300 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 $125,600 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 Required 2 Post the above transactions to T-accounts. Debit Beginning Balance Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance Ending Balance Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Manufacturing Overhead Ending Balance Cost of Goods Sold Credit Debit Credit Beginning Balance Ending Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. a. $77,000 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $65,700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $134,300 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 $125,600 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.
Transcribed Image Text: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. $77,000 in raw materials were purchased for cash. b. $72,700 in raw materials were used in production. Of this amount, $65,700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,600 were incurred and paid. Of this amount, $134,300 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 $125,600 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 Required 2 Post the above transactions to T-accounts. Debit Beginning Balance Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance Ending Balance Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Manufacturing Overhead Ending Balance Cost of Goods Sold Credit Debit Credit Beginning Balance Ending Balance
Transcribed Image Text:Required 1 Required 2 Post the above transactions to T-accounts. Debit Beginning Balance Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance Ending Balance Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Manufacturing Overhead Ending Balance Cost of Goods Sold Credit Debit Credit Beginning Balance Ending Balance
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