Swifty 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, Swifty uses a job order costing system. On January 1, the T-accounts for some of Swifty's primary balance sheet accounts were as follows: Raw Materials Inventory 59,400 Work in Process Inventory 24,500 1/1 1/1 Finished Goods 38,600 Cash 38,200 1/1 1/1 Accounts Payable Accounts Receivable 47,300 1/1 1/1 41,900 During the year, the following events occurred: 1. 2. 3. 4. Swifty purchased raw materials costing $114,000 on account. Swifty used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Swifty maintains a single Raw Materials Inventory account.) Swifty used 32,000 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 $97,400. Swifty applied $316,800 in manufacturing overhead. The company completed production of goods costing $865,520. The company's Cost of Goods Sold balance was $870,520 before adjusting for over- or underapplied overhead. 5. 6. N00 9. Sales revenue was $1,060,000 (all sales were made on account). 10. Swifty 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. (a) Calculate under-or overapplied overhead for the year. Overhead by $ (b) Assuming that Swifty 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 Swifty 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, e.g. 1.235, allocation and final answers to 0 decimal places, e.g. 52.) Adjusted Balance $ Work In Process $ Finished Goods $ $ Cost of Goods Sold