Gandalf Incorporated has provided the following data for August:
Raw materials, beginning balance	$19,000
Work in process, beginning balance	$33,000
Finished Goods, beginning balance	$52,000
Transactions:
(1) Raw materials purchases	$76,000
(2) Raw materials used in production (90% is direct materials and 10% indirect materials)	$87,000
(3) Total Labor Wages Accrued: (75% is direct labor and the remainder is indirect labor)	$77,000
(4) Additional manufacturing overhead costs incurred on account	$64,000
(5) Manufacturing overhead applied	$91,000
(6) Cost of units completed and transferred from Work in Process to Finished Goods	$245,000
(7) Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold	?
(8) Jobs costing $264,000 were shipped to customers. These jobs were sold at 25% above cost.

Required:
Prepare Journal entries for each of the transactions listed above. Omit journal entry explanations. Post the inventory entries to the T accounts provided and calculate the ending balance in the inventory accounts.