PROBLEM $2$

$\backslash$table$[[$At the end of the current fiscal year Kitco Inc. had the following amounts in its raw material,$],[$work in process and finished goods inventories and its cost of goods sold:$],[$Raw Material:,$$,3,000,000,],[$Work in Process:$],[$Raw Material:,$$,1,000,000,],[$$$,3,000,000,],[\backslash$table$[[\backslash$table$[[$MFOH$],[$Total$]]]],$$$,4,000,{000}_{?},],[$$$,8,000,,],[$Finished Goods:$],[$Raw Material:,$$,500,000,],[$Direct Labor,$$,2,500,000,],[\backslash$table$[[\backslash$table$[[$MFOH$],[$Total$]]]],$$$,3,000,000,],[$$$,6,000,{?}_{000}{?}_{?},],[$Cost of Goods Sold$],[$Raw Material:,$$,2,500,000,],[$Direct Labor,$$,8,500,000,],[\backslash$table$[[\backslash$table$[[$MFOH$],[$Total$]]]],,14,000,000,],[$$$,25,000,{000}_{?},],[\backslash$table$[[$The Manufacturing Overhead account had a credit balance of $$150,000$ in it at the end of the fiscal$],[$year$.]]],[$Required:$,,,],[$Using the above information, use the allocation method to distribute the ending balance in the$],[$Manufacturing Overhead account to the appropriate inventory and COGS accounts and determine$],[$their ending balance. Use $"$T$"$ accounts to show your work.$]]$

RAW MATL INV FG INV

WIP INV

COGS

MFG OH