Required information The following partially completed T-accounts summarize last year's transactions for Kelshaw Company: Raw Materials Beg Bal (1) 4,000 18,000 20,000 (2) Accounts Payable 18,000 (1) 4,000 (5) Work in Process Finished Goods Beg Bal 8,000 50,000 (7) (2) 12,000 Beg Bal (7) 17,000 50,000 (4) 15,000 End Bal 12,000 (6) 28,000 Manufacturing Overhead Wages & Salaries Payable 2345 (2) 8,000 28,000 (6) (3) 12,000 6,000 30,000 Beg Bal (4) (4) 5,000 (5) 4,000 Sales Salaries Expense Cost of Goods Sold (4) 10,000 Accumulated Amortization (Factory) 90,000 12,000 Beg Bal (3) At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold.