Assignment Problem:
1. $76,300 in raw materials was purchased for cash.
2. $72,700 in raw materials was used in production. Of this amount, $65,700 was for direct materials and the remainder was for indirect materials.
3. Total labor wages of $150,800 were incurred and paid. Of this amount, $135,000 was for direct labor and the remainder was for indirect labor.
4. Additional manufacturing overhead costs of $127,000 were incurred and paid.
5. Manufacturing overhead of $121,800 was applied to production using the company's predetermined overhead rate.
6. All of the jobs in process at the end of the month were completed.
7. All of the completed jobs were shipped to customers.
8. Any under applied or over applied overhead for the period was closed to Cost of Goods Sold.
Assignment Requirements:
Question 1: Post the above transactions to T-accounts for cash, raw material, work in process, finished goods, manufacturing overhead and cost of goods sold
Question 2: Determine the adjusted cost of goods sold for the period.
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