On January 1 Primary Manufacturing Had a Beginning Balance in Work-In-Process

question 143

Multiple Choice

On January 1 Primary Manufacturing had a beginning balance in Work-in-Process Inventory of $81,900 and a beginning balance in Finished Goods Inventory of $20,000.During the year,Primary incurred manufacturing costs of $351,000. In addition,the following transactions occurred during the year:
Job A-12 was completed for a total cost of $122,000 and was sold for $128,000.
Job A-13 was completed for a total cost of $206,000 and was sold for $212,000.
Job A-15 was completed for a total cost $61,000 but was not sold as of year-end.
The Manufacturing Overhead account had an unadjusted credit balance of $12,000,and was adjusted to zero at year-end.
What was the final balance in the Cost of Goods Sold account?

• A) $316,000 debit balance
• B) $340,000 debit balance
• C) $328,000 debit balance
• D) $12,000 credit balance