q18

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OR QUESTION H7 $ 18 mation below to answer the following two question. You must show you work in the ble to receive credit In the table below. The table uses the following abbreviations directly to Cost of Goods Sold at the end of each period. Begleg balances from the Balance Sheet on the first day of the period are shown A company USGS a normal costing system on for los produces and does ouver desplied acturing over RM -Raw Materials Inventory WIP - Work in Process Inventory AP - Accounts Payable FG - Finished Goods Invertory E-Retained amnings MOH - Manufacturing Overhead Reg - Beginning Balance PP&E - Property, Pinnt & Equipment Pad Ending Balance A summary of transactions completed during the period are shown below in $1,000 Raw materials purchased on COOL Raw materials used in production (75% were direct, the remainder indirect Salaries & wages paid in cash (70% direct: 10% indirect, 20% selling & admin) Depreciation on PP&E (90% manufacturing the remainder selling & odierin) Factory utility expenses paid on count Advertising expenses paid in cash Manufacturing overheid applied to production Cost of goods manufactured Cash sales to customers Cost of goods sold (unadjusted) b. c. d. e. f B h. i. j k 71 0 100 10 24 14 59 7 269 Under-applied or over-applied overhead closed entirely w Cost of Goods Sold To answer the following two questions, enter the numbers relevant for each culation into the table below using positive numbers to Pinkshede Finished Goods Inventory accounts are provided in the table. Cash $42 Beg A/P RM $12 WIP $18 MOH FG S19 PPRE $240 RE S104 $19 AL b. c. d. c. f. h. i j k. End $21 $11 18 Closing out the MOH account (transaction K. in the table) had the folowing impact on the ending balance in Retained Earnings: A. $20 decrease to the Retained Earnings balance. B. No impact to the Retained Earnings balance, CS4 increase to the Retained Earnings balance D. S4 decrease to the Retained Earnings balance. E None of the above is correct