Raw Materials Inventory 1/1 15,000 Work in Process Inventory 1/1 31,000 Finished Goods Inventory 1/1 22,000 Cash 1/1 32,00 Accounts Receivable Accounts Payable 1/1 56,000 42,000 1/1 During the year, the following events occurred: 1. Drew purchased raw materials costing $86,000 on account. 2, Drew used $93,000 of raw materials in production. Of these, 70% were classified as direct materials and 30% as indirect materials. (Drew maintains a single Raw Materials Inventory account.) 3. Drew used 31,200 hours of direct labor. The company's average direct labor rate was $7.50 per hour (credit Wages Payable). 4. The company's only indirect labor cost was the salary of a security guard hired to watch the company's shop after hours. The guard's annual salary was $25,000 (credit Wages Payable 5. Other manufacturing overhead costs the company incurred on account totaled $70,000. Drew applied $ 1 30,000 in manufacturing overhead. , 7. The company completed production of goods costing $326,000. 8. The company's Cost of Goods Sold balance was $303,750 before adjusting for over- or underapplied overhead. 9. Sales revenue was $425,000 (all sales were made on account). 10. Drew collected $450,000 from customers. 11. The company paid accounts payable of $100,000. 12. At year-end, all wages earned during the year had been paid. Required a. Record the transactions above in the appropriate T-accounts and calculate ending balances. Create new T-accounts if needed. b. Calculate total manufacturing costs for the year. C. Calculate cost of goods available for sale during the year 4-15 Job order costing (CMA adapted) (LO 5) Lucy Sportswear manufactures a line of specialty T-shirts using a job order costing system. In March the company incurred the