Reference no: EM132609856
The following partially completed T-accounts summarize last year's transactions for Kelshaw Company:
Raw Materials
Beg Bal 4,00020,000 (2) (1)18,000
Accounts Payable 18,000(1) 4,000(5)
Work in ProcessBeg Bal 8,00050,000(7) (2)12,000 (4)15,000 (6)28,000
Finished GoodsBeg Bal 17,000 (7) 50,000
End Bal 12,000
Manufacturing Overhead (2)8,000 28,000(6) (3)12,000 (4)5,000 (5)4,000
Wages & Salaries Payable 6,000
Beg Bal 30,000(4)
Sales Salaries Expense(4)10,000
Cost of Goods Sold Accumulated Amortization (Factory) 90,000
Beg Bal 12,000(3)
At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold.
Question 1: What would be the ending Work in Process account balance?
Multiple Choice
Option 1: $13,000.
Option 2: $50,000.
Option 3: $55,000.
Option 4: $2,000.
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