Drew 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, 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 31,000 65,100 232,500 130,000 133,600 11,000 325,000 Accounts Receivable Accounts Payable 55,000 De 42,000 Finished Goods Cost of Goods Sold Beg. 20,000 325,000 41,250 0 303,750 303,750 Beg. 303,750 Cash 30,000 During the year, the following events occurred 1. Drew purchased raw materials costing $86,000 on account. 2. Drew used $93,000 of raw materials in production. Of these, 70% were classified as direct materials and 30% as indirect materials. (Drew maintains a single Raw Materials Inventory account.) 3. Drew used 31,000 hours of direct labor. The company's average direct labor rate was $7.50 per hour (credit Wages Payable). 4. The company's only indirect labor cost was the salary of a security guard hired to watch the company's shop after hours. The guard's annual salary was $28,000 (credit Wages Payable) 5. Other manufacturing overhead costs the company incurred on account totaled $70,000 6. Drew applied $130,000 in manufacturing overhead 7. The company completed production of goods costing $325,000 8. The company's Cost of Goods Sold balance was $303,750 before adjusting for over- or underapplied overhead 9. Sales revenue was $411,000 (all sales were made on account) 10. Drew collected $432,000 from customers. 11. The company paid accounts payable of $110,000. 12. At year-end, all wages earned during the year had been paid. During the year, the following events occurred 1. Drew purchased raw materials costing $86,000 on account. 2. Drew used $93 000 o raw materials in production. Of hese, 70% were classified as direct materials and 30% as indirect mnatenals Drew mantans a singe Raw Matenais nventory account, 3. Drew used 31,000 hours of direct labor. The company's average direct labor rate was $7.50 per hour (credit Wages Payable) 4. The company's only indirect labor cost was the salary of a security guard hired to watch the company's shop after hours. The guard's annual salary was $28,000 (credit wages Payable). 5. Other manufacturing overhead costs the company incurred on account totaled $70,000 6. Drew applied $130,000 in manufacturing overhead 7. The company completed production of goods costing $325,000 8. The company's Cost of Goods Sold balance was 303,750 before adjusting for over-or underapplied overhead 9. Sales revenue was $411,000 (all sales were made on account). 10. Drew collected $432,000 from customers. 11. The company paid accounts payable of $110,000. 12. At year-end, all wages carned during the year had been paid. (a) Calculate under- or overapplied overhead for the year. (Round answer to 0 decimal places, e.g. 52,555.) Overhead Overapplied by (b) Assuming that Drew 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 Drew 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 and final answers to 2 decimal places, e.g. 15.25%, or 58,971.25.) Adjusted Balance Work In Process Finished Goods Cost of Goods Sold