Vaughn 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. Vaughn uses a job order costing system. On January 1, the T-accounts for some of Vaughn's primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 1/1 60,400 26,000 1/1 Finished Goods 36,600 1/1 Cash 38.200 1/1 Accounts Receivable 47.300 1/1 Accounts Payable 1/1 41,900 -) During the year, the following events occurred: 4. 1. Vaughn purchased raw materials costing $118,000 on account. 2 Vaughn used $149.300 of raw materials in production of these, 80% were classified as direct materials and 20% as indirect materials. (Vaughn maintains a single Raw Materials Inventory account.) 3. Vaughn used 31,400 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). 5. Other manufacturing overhead costs the company incurred on account totaled $97,400. 6. Vaughn applied $316,800 in manufacturing overhead. The company completed production of goods costing $797,600 8. The company's Cost of Goods Sold balance was $803,900 before adjusting for over- or underapplied overhead. Sales revenue was $1,040,000 (all sales were made on account). 10. Vaughn 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. 7 9. (a) Calculate under-or overapplied overhead for the year. Overhead by $ b) Assuming that Vaughn 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 Vaughn 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 decimal places, e.g. 52.) Adjusted Balance Work In Process $ Finished Goods $ Cost of Goods Sold