0-MINUTE QUIZ A SECTION The manufacturing cost accounts of Varsity Manufacturing Co, provide the following information for the year ended December 31, 2011 Direct materials used Direct materials purchased Direct labor cost assigned to production Manufacturing overhead costs applied to production Cost of finished goods manufactured $500,000 $520,000 $130,000 $190,000 $850,000 Inventories at the beginning and end of the year were as follows Jan. 1, 2011 Materials Inventory Work in Process Inventory. Finished Goods Inventory Dec. 31, 2011 $65,000 $15,000 $35,000 $10,000 $65,000 Answer the following questions. If you select answer d, indicate the correct amount. 1 Refer to the above data. The total amount of inventory that should appear in the company's balance sheet at December 31, 2011 is: a S115,000 $85,000. b $860,000. d Some other amount. $ Refer to the above data. The total manufacturing costs charged to the Work in Process Inventory account during 2011 amounted to: a $850,000. b $820,000. 2 $810,000. d Some other amount. $ Refer to the above data. The total Cost of Goods Sold in 201 1 amounted to: a $890,000. b $880,000. 3 c $845,000 Some other amount. S d Refer to the above data. The balance in the Materials Inventory account at the beginning of 2011 was a $65,000. b $85,000. 4 c $45,000 d Some other amount. $