E BRIEF EXERCISE 3-6 Preparing T-Accounts [LO6-CC12; LO7 - CC14] Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. a. $114,000 in raw materials were purchased for cash. b. $99,000 in raw materials were requisitioned for use in production. Of this amount, $88,000 was for direct materials, and the remainder was for indirect materials. c. Total labour wages of $146,000 were incurred and paid. Of this amount. $132,000 was for direct labour, and the remainder was for indirect labour. d. Manufacturing overhead costs of $103,000 were incurred and paid. e. Manufacturing overhead costs of $112,000 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. The underapplied or overapplied overhead for the period was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. 2. Determine the cost of goods sold for the period. BRIEF EXERCISE 3-7 Determining Under- and Overapplied Overhead [LO7 - CC14] und merhead rate of $28.20 per direct labour-hour. This predetermined rate timated atal BRIEF EXERCISE 3-7 Determining Under- and Overapplied Overhead [LO7 - CC14] Osborn Manufacturing uses a predetermined overhead rate of $28.20 per direct labour-hour. This predetermined rate was based on 12,000 estimated direct labour-hours and $338,400 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $315,000 and 11,500 total direct labour-hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assuming that the entire amount of the underapplied or overapplied overhead is closed out to cost of goods sold, what would be the effect of the underapplied or overapplied overhead on the company's gross margin for the period