Exercise 3-2 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. $76,200 in raw materials were purchased for cash. b. $72,400 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,800 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,100 were incurred and paid. e. Manufacturing overhead of $129,700 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. Required 1 Required 2 Post the above transactions to T-accounts. Raw Materials Cash 0 Beg. Bal. Beg. Bal. 76,200 72,400 b. 76,200 a. 150,800c. 126,100 d. End. Bal. 353,100 End. Bal. 3,800 Work in Process Finished Goods Beg. Bal. Beg. Bal. f. 328,300 328,300 g. o 65,200 133,400 129,700 End. Bal. 328,300 End. Bal. Manufacturing Overhead Cost of Goods Sold Beg. Bal. Beg. Bal. 0 7,200 17,400 126,100 129,700e. 21,000 328,300 21,000 h. Od End. Bal. End. Bal. 349,300 Required 1 Required 2 >