ercise $3-2($Algo$)$ Prepare T$-$Accounts $[$LO$3-2,$ LO$3-4]$

Irvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent onth is shown below.

Purchased $$76,000$ in raw materials for cash.

$.$ $$71,200$ in raw materials were used in production. Of this amount, $$65,400$ was direct materials and the remainder was indirect materials.

c$.$ Paid employees $$150,600$ cash. Of this amount, $$133,600$ was direct labor and the remainder was indirect labor.

d$.$ Paid $$126,700$ for additional manufacturing overhead costs.

e$.$ Applied manufacturing overhead of $$125,500$ to production using the company's predetermined overhead rate.

f$.$ All of the jobs in process at the end of the month were completed.

g$.$ All of the completed jobs were shipped to customers.

h$.$ Any underapplied or overapplied overhead was closed to Cost of Goods Sold.

Required:

Post the above transactions to T$-$accounts.

Calculate the adjusted cost of goods sold for the period.