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. $75,400 in raw materials were purchased for cash. b. $71.400 in raw materials were used in production of this amount, $66,100 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $151,300 were incurred and paid of this amount. $135,000 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid. e Manufacturing overhead of 5124,100 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. Cash Raw Materials Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance + Work In Process Finished Goods Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Cost of Goods Sold Manufacturing Overhead Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance