ABC Co. recorded the following transactions for the just completed month. The company had no beginning inventories.

1. $135,000 in raw materials were purchased on account.
2. $112,000 in raw materials were requisitioned for use in production. Of this amount, $98,000 was for direct materials and the remainder was for indirect materials.
3. Total labor wages of $145,000 were incurred and paid. Of this amount, $132,000 was for direct labor and the remainder was for indirect labor.
4. Additional manufacturing overhead costs of $225,500 were incurred and paid.
5. Manufacturing overhead costs of $240,000 were applied to jobs using the companys predetermined overhead rate.
6. Of the jobs in progress at the end of the month, $350,500 were completed and shipped to customers.
7. 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 (only to the T-accounts shown below). Label each entry.

2. Determine the cost of goods sold for the period.

Raw Material				Work in Process
Manufacturing O/H				Finished Goods
				Cost of Goods Sold