Current Attempt in Progress Sheridan 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, Sheridan uses a job order costing system. On January 1, the T-accounts for some of Sheridan's primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 1/1 59.900 1/1 25,000 Finished Goods Cash 1/1 38.600 1/1 35.200 Accounts Receivable Accounts Payable 1/1 47,300 1/1 41.900 During the year, the following events occurred: 1 Sheridan purchased raw materials costing $114,000 on account. 2. Sheridan used $149.300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Sheridan maintains a single Raw Materials Inventory account.) 3. Sheridan used 31,100 hours of direct labor. The company's average direct labor rate was $11 per hour (credit Wages Payable). 4. The company's indirect labor cost was $168.000 (credit Wages Payable). 5. Other manufacturing overhead costs the company incurred on account totaled $98,400. 6 Sheridan applied $316,800 in manufacturing overhead. 7. The company completed production of goods costing $793,900. B The company's Cost of Goods Sold balance was $799.700 before adjusting for over- or e or over- or underapplied overhead. 9. Sales revenue was $1,060,000 (all sales were made on account). 10. Sheridan 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. Overhead Overapplied by 5 (b) Assuming that Sheridan 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 Sheridan 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. (Round % of total to 3 decimal places, e.g. 1.235, allocation and final answers to O decimal places, e.g. 52.) Work in Process Adjusted Balance Finished Goods $ Cost of Goods Sold $ eTextbook and Media