During the year, the following events occurred:

1.	Waterway purchased raw materials costing $112,000 on account.
2.	Waterway used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Waterway maintains a single Raw Materials Inventory account.)
3.	Waterway used 31,300 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 $95,400.
6.	Waterway 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 $1,040,000 (all sales were made on account).
10.	Waterway 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. Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.) PLEASE EXPLAIN STEP BY STEP WHAT YOU ARE DOING!!!! I am using this to check my answer. Thank you.

Waterway 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, Waterway uses a job order costing system. On January 1, the T-accounts for some of Waterway's primary balance sheet accounts were as follows: Raw Materials Inventory 60,400 Work in Process Inventory 25,500 1/1 1/1 Cash Finished Goods Inventory 37,600 1/1 1/1 38,200 Accounts Receivable 47,300 Accounts Payable 1/1 1/1 41,900 Raw Materials Inventory Work in Process Inventory Accounts Payable