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

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Jurvin Enterprises Is A Manufacturing Company That Had No Beginning Inventories A Subset Of The Transactions That It Re 1 (208.56 KiB) Viewed 38 times

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. $75,400 in raw materials were purchased for cash. b. $71,500 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $151,800 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for Indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $129,200 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Cash Debit Credit Credit Beginning balance Ending balance Work in Process Credit Credit Beginning balance Ending balance Manufacturing Overhead Credit Credit Beginning balance Ending balance Debit Debit Debit Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance < Required 1 Debit Debit Raw Materials Finished Goods Cost of Goods Sold Required 2 >