b. Use the information below to answer the following two questions: Ginseng Inc. uses a normal cost system to account for jobs it produces and closes out any over- or under-applied manufacturing overhead directly to Cost of Goods Sold at the end of each quarter. Beginning balances from the Balance Sheet on January 1 are shown in the table below. The table uses the following abbreviations: RM = Raw Materials Inventory A/P = Accounts Payable WIP = Work in Process Inventory R/E = Retained Earnings FG = Finished Goods Inventory Beg Beginning Balance MOH = Manufacturing Overhead End Ending Balance PP&E = Property, Plant & Equipment A summary of transactions completed in the quarter are shown below in $1,000's: a. Raw materials purchased on account s 22 Raw materials used in production (75% were direct; the remainder indirect) 100 Salaries & wages paid in cash (70% direct; 20% indirect; 10% selling & admin) 50 d. Depreciation on PP&E (90% manufacturing the remainder selling & admin) 60 c. Factory utility expenses paid on account f. Advertising expenses paid in cash 18 5. Manufacturing overhead applied to production S 105 Cost of goods manufactured 204 Cash sales to customers 375 j. Cost of goods sold (unadjusted) S 180 k. Underapplied or overapplied overhead closed entirely to Cost of Goods Sold ? To answer the following two questions, enter the numbers relevant for cach calculation into the table below using positive numbers to designate increases to an account balance and negative numbers to designate decreases. S $ c. S $ 34 S h. i. S $ Cash MOH PP&E RM $89 WIP $14 FG $191 A/P R/E $28 $253 Beg S39 SO S120 c. d. e. f. 8 h. i. j k. End 19 The amount of underapplied or overapplied overhead closed entirely to Cost of Goods Sold (transaction k) was: A. $8 B. $18 C. $24 D. $29 E. $11 20 The ending balance in Finished Goods Inventory was: A. $11 B. $24 C. $25 D. $43 E. None of the above