ENER Prepare T-Accounts LO4 Lo6] Granger Products recorded the folloving transactions for the just-completed month. The company had no beginning inventories: S75,000 in raw materials was purchased for cash b.$r3,000 in raw materials was requisitioned for use in production. Ofthis amount, S6,o00 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 indirectlabour d. Additional manufacturing overhead costs of $126,000 were incurred and paid. Manufacturing overhead costs of S78,000 were applied to jobs using the company's predetermined overhead rate. f Allof the jobs in process at the end of the month were completed and shipped to customers ,If overhead is underapplied in the period,itis closed out to cost of goods sold. Ifoverhead is overapplied in the period,itis allocated among appropriate accounts on the basis of the cost of manufacturing in each account Required Post the above transactions to T-accounts 2. Determine the cost of goods sold for the period