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
A) $316,000 debit balance
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