Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each teams uniform is unique in color and design, The Compan uses a job order costing system. On January 1, the T-accounts for some of The companys primary balance sheet accounts were as follows:

Raw Materials Inventory								Work in Process Inventory
1/1		59,400						1/1		25,500

Finished Goods								Cash
1/1		34,600						1/1		38,200

Accounts Receivable								Accounts Payable
1/1		47,300										1/1		41,900

During the year, the following events occurred:

1.	The company purchased raw materials costing $114,000 on account.
2.	The company used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Drew maintains a single Raw Materials Inventory account.)
3.	The company used 31,200 hours of direct labor. The companys average direct labor rate was $11 per hour (credit Wages Payable).
4.	The companys indirect labor cost was $168,000 (credit Wages Payable).
5.	Other manufacturing overhead costs the company incurred on account totaled $98,400.
6.	The company applied $316,800 in manufacturing overhead.
7.	The company completed production of goods costing $795,400.
8.	The companys Cost of Goods Sold balance was $801,300 before adjusting for over- or underapplied overhead.
9.	Sales revenue was $1,050,000 (all sales were made on account).
10.	The company 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.

(a)	Calculate under- or overapplied overhead for the year.

(b)

Assuming that the company closes under- or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year.

Adjusted cost of goods sold

(c)

Assuming that the company prorates under- or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the year. (

		Adjusted Balance
Work In Process
Finished Goods
Cost of Goods Sold