On January 1, Frederic Manufacturing had a beginning balance in Work-in - Process Inventory of $163,000 and a beginning balance in Finished Goods Inventory of $25,000. During the year, Frederic incurred manufacturing costs of $201,000. During the year, the following transactions occurred: Job C-62 was completed for a total cost of $140,000 and was sold for $156,000. Job C-63 was completed for a total cost of $182,000 and was sold for $213,000. Job C-64 was completed for a total cost $82,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $24,000 and was adjusted to zero at year-end. What was the final balance in the Cost of Goods Sold account? OA. $298,000 credit balance OB. $346,000 debit balance OC. $298,000 debit balance OD. $346,000 credit balance

On January 1, Frederic Manufacturing had a beginning balance in Work-in - Process Inventory of $163,000 and a beginning balance in Finished Goods Inventory of $25,000. During the year, Frederic incurred manufacturing costs of $201,000. During the year, the following transactions occurred: Job C-62 was completed for a total cost of $140,000 and was sold for $156,000. Job C-63 was completed for a total cost of $182,000 and was sold for $213,000. Job C-64 was completed for a total cost $82,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $24,000 and was adjusted to zero at year-end. What was the final balance in the Cost of Goods Sold account? OA. $298,000 credit balance OB. $346,000 debit balance OC. $298,000 debit balance OD. $346,000 credit balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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