Sunland 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, Sunland uses a job order costing system. On January 1, the T-accounts for some of Sunland's primary balance sheet accounts were as follows: Raw Materials Inventory 57,400 Work in Process Inventory 24,000 1/1 1/1 Finished Goods Inventory 37,600 Cash 37,200 1/1 1/1 Accounts Receivable 47,300 Accounts Payable 1/1 1/1 41.900 2. 3. 4. During the year, the following events occurred: 1 Sunland purchased raw materials costing $117.000 on account Sunland used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Sunland maintains a single Raw Materials Inventory account.) Sunland used 31,000 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. Sunland 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. Sunland 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. 7. 8. 9. Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.) Raw Materials Inventory > Work in Process Inventory Finished Goods Inventory Finished Goods Inventory > > Manufacturing Overhead Accounts Receivable Cash