Exercise 3-2 (Algo) Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,100 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production. Of this amount, $66,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,700 were incurred and paid. Of this amount, $133,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $127,000 were incurred and paid. e. Manufacturing overhead of $126,600 was applied 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 for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Post the above transactions to T-accounts. Cash Debit Beginning balance Ending balance Beginning balance Ending balance Raw Materials Credit Debit Credit Beginning balance Ending balance Work in Process Finished Goods Debit Credit Debit Credit Beginning balance Ending balance Beginning balance Debit Manufacturing Overhead Ending balance Credit Beginning balance Cost of Goods Sold Debit Credit Ending balance < Required 1 Required 2 > Required 1 Required 2 Determine the adjusted cost of goods sold for the period. Adjusted cost of goods sold < Required 1 Required 2 >