Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. |
a. | $76,100 in raw materials were purchased for cash. |
b. |
$72,100 in raw materials were requisitioned for use in production. Of this amount, $65,500 was for direct materials and the remainder was for indirect materials. |
c. |
Total labor wages of $150,500 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. |
d. | Additional manufacturing overhead costs of $126,700 were incurred and paid. |
e. |
Manufacturing overhead costs of $121,500 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 goods sold for the period. |
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