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. $76,600 in raw materials were purchased for cash. $71,600 in raw materials were used in production. Of this amount, $66,200 was for direct materials and the remainder was for indirect materials. Total labor wages of $151,100 were incurred and paid. Of this amount, $135,000 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $125,900 were incurred and paid. Manufacturing overhead of $117,400 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.
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. $76,600 in raw materials were purchased for cash. $71,600 in raw materials were used in production. Of this amount, $66,200 was for direct materials and the remainder was for indirect materials. Total labor wages of $151,100 were incurred and paid. Of this amount, $135,000 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $125,900 were incurred and paid. Manufacturing overhead of $117,400 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.
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
Section: Chapter Questions
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.
- $76,600 in raw materials were purchased for cash.
- $71,600 in raw materials were used in production. Of this amount, $66,200 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $151,100 were incurred and paid. Of this amount, $135,000 was for direct labor and the remainder was for indirect labor.
- Additional
manufacturing overhead costs of $125,900 were incurred and paid. - Manufacturing overhead of $117,400 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.
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