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: 1/1 Raw Materials Inventory 59,900 Work in Process Inventory 1/1 24,000 Finished Goods Cash 1/1 38,600 1/1 35,200 Accounts Receivable 1/1 47,300 Accounts Payable 1/1 41,900 During the year, the following events occurred: 1. Waterway purchased raw materials costing $117,000 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 31,100 hours of direct labor. The company's average direct labor rate was $14 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 $94,400. 6. Waterway applied $316,800 in manufacturing overhead. 7. The company completed production of goods costing $885,500. 8. The company's Cost of Goods Sold balance was $891,900 before adjusting for over- or underapplied overhead. Sales revenue was $1,060,000 (all sales were made on account). 9. 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 by $ (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 (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, eg. 1.235, allocation and final answers to O decimal places, eg. 52.) Adjusted Balance Work In Process Finished Goods $ Cost of Goods Sold $