Question - Below is the activity in Salem Inc's Work In Process and Finished Goods accounts (could be incomplete) for the month of January :
Work In Process -
Beg Balance: 1,000
Direct Materials Used: 15,000
Direct Labor Incurred: 7,000
Applied Manufacturing Overhead: 3,500
Transfer to Finished Goods: ??
Finished Goods -
Beginning Balance: 250
Ending Balance: 400
What is the cost of goods sold for Salem for January?
A) 17,700
B) 7,800
C) 17,550
D) 24,500
E) None
Please show detailed help with answer and steps. Thanks.