Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it

Question

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. $76,100 in raw materials were purchased for cash. b. $72,500 in raw materials were requisitioned for use in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,700 were incurred and paid. Of this amount, $134,100 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,700 were incurred and paid. e. Manufacturing overhead costs of $126,700 were applied to jobs using the company’s predetermined overhead rate. f. All of the jobs in progress at the end of the month were completed and shipped to customers. g. Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the cost of

Help In Homework · Accepted Answer

Cash a 76100 Raw materials a 76100 b 72500 Balance 3600 Work-in-progress b 65100 c 134100 e 126700 f 325900 Balance Finished goods f f 325900 balance Manufacturing overhead b 7400 e 126700 c 16600 g 23000 d 125700 Cost of goods sold f 325900 g 23000 Balance 348900 2 Cost of goods sold 348900

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Jurvin Enterprises is a manufacturing company that had no beginning inventories

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Archived Solution

a.	$76,100 in raw materials were purchased for cash.
b.	$72,500 in raw materials were requisitioned for use in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials.
c.	Total labor wages of $150,700 were incurred and paid. Of this amount, $134,100 was for direct labor and the remainder was for indirect labor.
d.	Additional manufacturing overhead costs of $125,700 were incurred and paid.
e.	Manufacturing overhead costs of $126,700 were applied to jobs using the company’s predetermined overhead rate.
f.	All of the jobs in progress at the end of the month were completed and shipped to customers.
g.	Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.

Cash
		a	76100


Raw materials
a	76100	b	72500

Balance	3600

Work-in-progress
b	65100
c	134100
e	126700	f	325900

Balance

Finished goods
f		f	325900

balance

Manufacturing overhead
b	7400	e	126700
c	16600	g	23000
d	125700


Cost of goods sold
f	325900
g	23000
Balance	348900

2
Cost of goods sold	348900