4.14 (LO 3, 4) Cost ow through T-accounts Drew Corp. designs and manufactures mascot uniforms for hlgh school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 11/ 59,400 ' 1/1 25,500 Finished Goods Inventory Cash 1/1 34,600 111 38,200 Accounts Receivable Accounts Payable 1/1 47,300 { ,, I 41,900 1/1 During the year, the following events occurred: 1. Drew purchased raw materials costing $114,000 on account. 2. Drew used $149,300 of raw materials in production. Of these, 80% were classied as direct materials and 20% as indirect materials. (Drew maintains a single Raw Materials Inventory account.) 3. Drew used 31,200 hours of direct labor. The company's average direct labor rate was $11.00 per hour (credit Wages Payable). ' The company's indirect labor cost was $168,000 (credit Wages Payable). Other manufacturing overhead costs the company incurred on account totaled $98,400. Drew applied $316, 800 in manufacturing overhead. The company completed production of goods costing $795, 400 The company's Cost of Goods Sold balance was $801, 300 before adjusting for over~ or underapplied overhead. $92491"? 9. Sales revenue was $1, 050, 000 (all sales were made on account). 10. Drew collected $803, 200 from customers 11. The company paid accOunts payable of $201, 300. 12. At year-end, all wages earned durlng the year had been paid