Managerial Accounting: E2-5 Granger Products had the following transactions

Managerial Accounting

Excercise 2-5 Prepare T-Accounts
Granger Products had the following transactions for the just completed month. The company had no beginning inventories.
a) $75,000 in raw materials were purchased for cash.
b) $73,000 in raw materials were requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials.
c) Total labor wages of 152,000 were incurred and paid. Of this amount, 134,000 was for direct labor and the remainder for indirect labor.
d) Additional manufacturing overhead costs of 126,000 were incurred and paid.
e) Manufacturing overhead costs of 178,000 were applied to jobs using the company's predetermined overhead rate.
f) All of the jobs in progress at the end of the month were completed and shipped to customers.
g) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.

1) Post above transactions to T-Accounts
2) Determine the cost of goods sold for the period.
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