Sheridan Wings, Inc. manufactures airplanes for use in stunt shows. Sheridan's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since cach plane has different features (such as its shape, weight, and color), Sheridan uses a job order costing system to accumulate product costs. At the end of 2020, Sheridan's accountants developed the following expectations for 2021 based on the marketing department's sales forecast: $1,050,000 50.000 Budgeted overhead cost Estimated machine hours Estimated direct labor hours Estimated direct materials cost 11,000 $1,500,000 Sheridan's inventory count.completed on December 31, 2020, revealed the following ending inventory balances: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $250,000 $627,000 $3,070,000 The company's 2021 payroll data revealed the following actual payroll costs for the year: Number Employed 1 Wage Rate per Hour Annual Salary per Employee Total Hours Worked per Employee $223,000 1 Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator 1 $178,000 $40.900 $32,500 1 5 $15 2.250 Question 10 of 10 0.63/1 per Hour Employee Employed 1 1 1 Employee $223,000 $178,000 $40.900 $32,500 1 1 Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Forklift operator Corporale secretary Janitor, factory $15 2.250 5 2 2 $20.800 $9 2,000 1 $36,100 2 $6 2.150 The following information was taken from Sheridan's Schedule of Plant Assets. All assets are depreciated using the straight-line method. Plant Asset Factory building Administrative office Factory equipment Purchase Price $4,000,000 $650.000 $2,000.000 Salvage Value $150,000 $125.000 $20.000 Useful Life 20 Years 30 Years 12 Years Other miscellaneous costs for 2020 all paid in cash included: Cost Factory insurance (fully expired) Administrative office utilities Factory utilities Office supplies (fully consumed) Amount $12,500 $5,200 $32,100 $4.700 Factory building Administrative office Factory equipment $4,000,000 $650.000 $2,000,000 $150.000 $125,000 $20,000 20 Years 30 Years 12 Years Other miscellaneous costs for 2020 all paid in cash included: Cost Factory insurance (fully expired) Administrative office utilities Factory utilities Office supplies (fully consumed) Amount $12,500 $5,200 $32.100 $4,700 Additional information about Sheridan's operations in 2020 includes the following: Raw materials purchases for the year amounted to $1.950,000. All materials were purchased on account. The company used $1,860,000 in raw materials during the year. Of that amount. 85% was direct materials and 15% was indirect materials. Sheridan applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory. Sheridan uses a markup of 150% to price its airplanes. Sales for the year were $6,570,000. All sales are made on account. (Note: This transaction requires two journal entries.) (f) Your answer is incorrect. If Sheridan chooses instead to prorate under-or overapplied overhead, what are the adjusted Work in Process Inventory, Finished Goods Inventory and Cost of Goods Sold account balances for 2021? (Round % of total to 1 decimal place, e.g. 55.7 and final answers to 2 decimal places, e.g. 5,275.25.) Adjusted Balance $ Work In Process $ Finished Goods $ Cost of Goods Sold