Problem 2. (20 points) ABC Co. recorded the following transactions for the just completed month. The company had no beginning inventories. a) $135,000 in raw materials were purchased on account. b) $112,000 in raw materials were requisitioned for use in production. Of this amount, 598,000 was for direct materials and the remainder was for indirect materials. c) Total labor wages of $145,000 were incurred and paid. Of this amount, $132,000 was for direct labor and the remainder was for indirect labor. d) Additional manufacturing overhead costs of $225,500 were incurred and paid. c) Manufacturing overhead costs of $240,000 were applied to jobs using the company's predetermined overhead rate. 1) of the jobs in progress at the end of the month, S350,500 were completed and shipped to qustomers. 8) Any underapplied or overapplied overhead for the period was closed out to Cost of Goodbold. Required: 1. Post the above transactions to T accounts (only to the accounts shown below). Label each entry. 2. Determine the cost of goods sold for the period. Raw Material Work in Process Manufacturing O/H Finished Goods Cost of Goods Sold