Concord 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. Concord uses a job order costing system. On January 1, the T-accounts for some of Concord's primary balance sheet accounts were as follows: Raw Materials Inventory 58,400 Work in Process Inventory 25,500 171 1/1 Cash Finished Goods Inventory 35,600 1/1 1/1 37,200 Accounts Receivable Accounts Payable 1/1 47.300 1/1 41.900 Accounts Receivable Accounts Payable 1/1 1/1 47.300 41,900 During the year, the following events occurred: 1 2 3 4. Concord purchased raw materials costing $116,000 on account Concord used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Concord maintains a single Raw Materials Inventory account.) Concord used 31,900 hours of direct labor. The company's average direct labor rate was $11 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 $95.400. Concord 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 5. 6. 7 8. During the year, the following events occurred: 1. 2 3. 4 5. Concord purchased raw materials costing $116,000 on account Concord used $149,300 of raw materials in production of these, 80% were classified as direct materials and 20% as indirect materials. (Concord maintains a single Raw Materials inventory account) Concord used 31,900 hours of direct labor. The company's average direct labor rate was $11 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 $95,400, 6. Concord applied $316,800 in manufacturing overhead, 7 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 Sales revenue was $1,040,000 (all sales were made on account) 10. Concord collected $803,200 from customers 11. The company paid accounts payable of $201,300 12. At year-end, all wages earned during the year had been paid. 8. 9. Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold 4 Manufacturing Overhead Cash + + 4 + Accounts Receivable . Accounts Payable Wages Payable + Sales Revenue