Waterway 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, Waterway uses a job order costing system. On January 1, the T-accounts for some of Waterway's primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 1/1 59,900 1/1 25,500 Finished Goods Cash 1/1 35,600 1/1 37,200 Accounts Receivable Accounts Payable 1/1 47,300 1/1 41,900 During the year, the following events occurred: 1. Waterway purchased raw materials costing $116,000 on account. 2. Waterway used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Waterway maintains a single Raw Materials Inventory account.) 3. Waterway used 32,000 hours of direct labor. The company's average direct labor rate was $11 per hour (credit Wages Payable). 4. 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. Waterway applied $316,800 in manufacturing overhead. 7. The company completed production of goods costing $804,800. 8. The company's Cost of Goods Sold balance was $811,400 before adjusting for over- or underapplied overhead. 9. Sales revenue was $1,060,000 (all sales were made on account). 10. Waterway 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 Overapplied by $ 21540 (b) Assuming that Waterway closes under- or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Adjusted cost of goods sold $ 789860 (c) Assuming that Waterway 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 O decimal places, e.g. 52.) Adjusted Balance $ Work In Process $ Finished Goods Cost of Goods Sold $