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Oriole Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since exh team's uniform is unique in color and design,

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Oriole Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since exh team's uniform is unique in color and design, Oriole uses a job order costing system. On January 1, the T-accounts for some of Oriole's primary balance sheet accounts were as follows: Raw Materials Inventory 60,400 Work in Process Inventory 26,000 1/1 1/1 Cash Finished Goods Inventory 36,600 1/1 1/1 35,200 Accounts Receivable Accounts Payable 1/1 47,300 1/1 41,900 During the year, the following events occurred: 1. 2. 3. 4. 5. 6. Oriole purchased raw materials costing $116,000 on account. Oriole used $149,300 of raw materials in production of these, 80% were classified as direct materials and 20% as indirect materials. (Oriole maintains a single Raw Materials Inventory account.) Oriole used 31,300 hours of direct labor. The company's average direct labor rate was $11 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. Oriole applied $316,800 in manufacturing overhead, The company completed production of goods costing $795,400, The company's Cost of Goods Sold balance was $801,300 before adjusting for over- or underapplied overhead. Sales revenue was $1,060,000 (all sales were made on account). 10. Oriole 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 7. 8. 9. Raw Materials Inventory Bal. 60400 (1) > 116000 (2) 149300 Bal. 16000 Work in Process Inventory Bal. (7) (8) Bal. Cost of Goods Sold (8) > Bal. Manufacturing Overhead (2) Bal. Accounts Payable Bal. (11) (1) (5)

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