7 of 10 View Policies Current Attempt in Progress I -/10 Swifty Corp designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design. Swifty uses a job order costing system. On January 1, the T-accounts for some of Swifty's primary balance sheet accounts were as follows: 1/1 Raw Materials Inventory 57,900 Work in Process Inventory 1/1 24,000 1/1 Finished Goods Inventory 37.600 Cash 1/1 37.200 Accounts Receivable Accounts Payable 1/1 47.300 11/1 41.900 1/1 47,300 1/1 41,900 During the year, the following events occurred: 1 Swifty purchased raw materials costing $116,000 on account 2. Swifty used $149,300 of raw materials in production. Of these, 80% were classifed as direct materials and 20% as indirect materials (Swifty maintains a single Raw Materials Inventory account.) Swifty used 31,600 hours of direct labor. The company's average direct labor rate was $11 per hour credit Wages Payable). 3. 4 The company's indirect labor cost was $168,000 credit Wages Pavable) 5. Other manufacturing overhead costs the company incurred on account totaled $98,400 6. Swifty applied $316.800 in manufacturing overhead 7. The company completed production of goods costing $795,400 8 The company's Cost of Goods Sold balance was $801.300 before anting for over or underapplied overhead 9. Sales revenue was $3.060.000 (all sales were made on account 10 Switty collected $303.200 from customers 11. The company paid accounts payable of $201.300 12. At year-end, all wages wared during the year had been paid Question 7 of 10 > Raw Materials Inventory Work in Preventory Ted Goodstory /10