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. $76,300 in raw materials were purchased for cash. b. $71,400 in raw materials were used in production. Of this amount, $66,800 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,900 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,600 were incurred and paid. e. Manufacturing overhead of $125,800 was applied to production using the company's predetermined overhead rate. 1. 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. Required 1 Required 2 Post the above transactions to T-accounts. Cash Raw Materials Debit Credit Debit Credit Beginning balance 76,300 76,300 Beginning balance 151,900 76,300 71.400 126,000 126,000 Ending balance. Debit Beginning balance Work in Process 66,800 133,300 125,800 Ending balance 325,900 Debit Beginning halance 151,900 Manufacturing Overhead Ending balance 4,900 Finished Goods Credit Debit Credit Beginning balance Credit Ending balance Debit Cost of Goods Sold Credit + Debit Beginning balance 66,800 133,300 125,800 Ending balance 325,900 Debit Beginning balance Manufacturing Overhead 126,000 Credit Debit Credit Beginning balance Ending balance Cost of Goods Sold Credit Debit Credit Beginning balance Ending balance 126,000 Ending balance Required 1 Required 2 >