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CoursHeroTranscribedText: Marigold 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, Marigold uses a job order costing system. On January 1, the T-accounts for some of Marigold's primary balance sheet accounts were as follows Raw Materials Inventory Work in Process Inventory 1/1 57.900 1/1 25,000 Finished Goods Cash 1/1 36,600 1/1 37.200 Accounts Receivable Accounts Payable 1/1 41:900 1/1 47,300During the year. the following events occurred 1Marigold purchased raw materials costing $115,000 on account. 2.Marigold used $149,300 of raw materials in production. Of these, BOY were classified as direct materials and 20% in indirect materials (Marigold maintains a single Raw Material Inventory account.) Marigold used 32.000 hours of direct labor, The company's average direct labor rate was $12 per hour fcredit Wages Payable). The company's indirect labor cost was $168,000 (credit Wages Payablel; 5 Other manufacturing overhead costs the company Incurred on account totaled $94,400, Marigold applied $316,800 in manufacturing overhead, 7. The company completed production of goods costing $835,500 The company's Cost of Goods Sold balance was $841,100 before adjusting for over, or underapplied avertrad 9. Sales revenue was $ 1,060 000 (all sales were made on account) 10. Marigold 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 paida) Calculate under- or overapplied overhead for the year. Overhead by $ (b] Assuming that Marigold 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 Marigold 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 X of tocal to 9 decimal places, c.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

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