The following events occurred over the course of a year at Waterway Corp, which uses a job order costing system: 1. Direct materials purchases totaled $585,000. Waterway Corp tracks its direct materials separately from its indirect materials Purchases were made on account. 2. $133,000 of indirect materials were used in production. Waterway uses a separate Supplies Inventory account for indirect materials 3. $568,000 of direct materials were used in production 4. The direct labor payroll was $791,000 (credit Wages Payable) 5. Other manufacturing overhead costs incurred during the year totaled 5670,000. 6. Waterway applies overhead based on a predetermined overhead rate of $23 per machine hour. The company used 48.000 machine hours during the year 7. During the year, Waterway transferred goods costing $2.450.000 into the Finished Goods Inventory account 8. Waterway sold products with a manufacturing cost of $2,398,000 to customers during the year, (b) Prepare T-accounts for the following accounts: Direct Materials Inventory Work in Process Inventory, Manufacturing Overhead Control and Finished Goods Inventory. Record the transactions from part(a) in the T-accounts and calculate ending account balances. Assume the following beginning account balances (Post entrles in order presented in the problem: Account Direct Materials Inventory Balance $31,000 $22.000 Work in Process Inventory Finished Goods Inventory $45.000 Direct Materials Inventory Bal. Manufacturing Overhead