Oriole 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, 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 57.900 Work in Process Inventory 24,000 1/1 1/1 Finished Goods 34,600 1/1 Cash 38,200 1/1 Accounts Receivable 47,300 1/1 Accounts Payable 1/1 41.900 2. 4 During the year, the following events occurred: 1 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.) 3. Oriole used 31,300 hours of direct labor. The company's average direct labor rate was $13 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. 7 The company completed production of goods costing $854,790. 8. The company's cost of Goods Sold balance was $861.490 before adjusting for over or underapplied overhead. 9. 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. 5. 6. (a) Calculate under-or overapplied overhead for the year. Overhead by s (b) Assuming that Oriole 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 Oriole 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 O decimal places, eg, 52) Adjusted Balance Work in Process $ Finished Goods $ Cost of Goods Sold $