Marigold Corp.designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team uniform is unique in color and design. Marigold uses a job order costing system. On January 1, the accounts for some of Marigold's primary balance sheet accounts were as follows: Raw Materials Inventory 57.900 Work in Process Inventory 25,000 1/1 1/1 Cash Finished Goods 36,600 1/1 1/1 37.200 Accounts Receivable Accounts Payable 1/1 1/1 47,300 41.900 During the year, the following events occurred 1 2 3 5. Marigold purchased raw materials costing $115,000 on account. Marigold used $149.300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Marigold maintains a single Raw Materials inventory account.) Marigold used 32.000 hours of direct labor. The company's average direct labor rate was $12 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 $94.400 Marigold applied $316,800 in manufacturing overhead. 7 The company completed production of goods costing $835,500 The company's Cost of Goods Sold balance was $841,100 before adjusting for over or underapplied overhead. Sales revenue was $1,060,000 (all sales were made on account). 10. Marigold collected $803.200 from customers, 11. The company paid accounts payable of $201.300. 6. od 9. 12. At year-end, all wages earned during the year had been paid (a) Calculate under or overapplied overhead for the year. Overhead by $ (b) Assuming that Marigold 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 Marigold 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, eg. 1.235, allocation and final answers to decimal places, eg. 52.) Adjusted Balance $ Work In Process $ Finished Goods $ Cost of Goods Sold