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Jurvin Enterprises recorded the following transactions for the just completed

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Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.;a. $94,000 in raw materials were purchased for cash;b. $89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.;c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.;d. Additional manufacturing overhead costs of $143,000 were incurred and paid.;e. Manufacturing overhead costs of $142,000 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 underpaid or over applied overhead for the period was closed out to Cost of Goods Sold.;1. Post the above transactions to T-accounts;2. Determine the cost of goods sold for the period

 

Paper#26406 | Written in 18-Jul-2015

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