Auto Garrison 10e Exercises 100- Thomas Leung TI Fle Home Insert Dran Page Layout Formules Data Review View Help Share Comments . B D E F G H j KL M N 6 7 9 D a. C 1 2 3 4 5 6 7 3 9 0 1 2 3 EXERCISK 5-7 Prepare T-Accounts (LO4. LO6/ Granger Products recorded the following transactions for the just completed month. The com- pany had no beginning inventories: $75.000 in raw materials was purchased for cash. b. $73,000 in raw materials was requisitioned for use in production of this amount $67.000 was for direct materials and the remainder was for indirect materials. Total wages of $152,000 were incurred and paid. Of this amount $134.000 was for direct labour and the remainder was for indirect labour. d. Additional manufacturing overhead costs of 126.000 were incurred and paid. Manufacturing overhead costs of $178.000 were applied to jobs using the company's pre- determined overhead rate. All of the Jobs in process at the end of the month were completed and shipped to customers. If overhead is underapplied for the period it is closed out to cost of goods sold. If overhead is overappited in the period it is allocated amongappropriate accounts on the basis of the cost of manufacturing-in-eelneetit. Required: Post the above transactions to T-accounts. Determine the cost of goods sold for the period. . 1. 2. chiro ch 2-Cost Terms ch 3-Cost Behavior 4-CUP ch 5-Job Costing ch-Process Casting ch 7-ABC charAbcorp ... 1 Posta ACC, MAS.. MA.. GOM. MAL.. 200 06 ING 12:22 PM 2001-01-15