Lockwood Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. A) $94,000 in raw materials were purchased for cash. B) $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. C) Total labor wages of $132,000 were incurred and paid (cash). Of this amount, $112,000 was for direct labor and the remainder was for indirect labor. D) Additional manufacturing overhead costs of $143,000 were incurred and paid (cash). E) Manufacturing overhead of $152,000 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) $400,000 cash received for goods sold in event g ). 1) Any underapplied or overapplied overhead for the period was olosed to Cost of Goods Sold. *Hint: calculate adjustment needed Complete the Journal Entries and T-Accounts. Find the ending account balances. What is the adjusted Cost of Goods Sold? \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ T-Accounts } \\ \hline \multicolumn{2}{|c|}{ Raw Materials } & \multicolumn{2}{c|}{ Manuf, OH} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Over/Under? Over/Under? Work in Process \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|} \hline \multicolumn{2}{|c|}{ Finished Goods } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Sales Revenue \begin{tabular}{|l|l} \hline & \\ \hline & \end{tabular}