The following partially completed T-accounts summarize last year's transactions for Kelshaw Company: Raw Materials Accounts Payable Beg Bal 4,000 20,000 (2) 18,000 (1) (1) 18,000 4,000 (5) Beg Bal (7) End Bal Finished Goods 17,000 50,000 12,000 Work in Process Beg Bal 8,000 50,000 (2) 12,600 (4) 15,000 (6) 28,000 Manufacturing Overhead (2) 8,000 28,000 (3) 12,000 (4) 5,000 (5) 4,000 Sales Salaries Expense (4) 10,000 (6) Wages & Salaries Payable 6,000 30,000 Beg Bal (4) Cost of Goods Sold Accumulated Amortization (Factory) 90,000 Beg Bal 12,000 (3) At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold. That is the cost of goods sold (after adjustment for under-or over applied overhead)? What is the cost of goods sold (after adjustment for under- or over applied overhead)? Multiple Choice $51,000. $54.000. $55,000. $56,000