If an S corporation's beginning balance in OAA is zero, and the following transactions occur, what is the ending OAA balance? Depreciation recapture income $21,000 Payroll tax penalty 4,200 Tax-exempt interest income 5,300 Nontaxable life insurance proceeds 5,100 Life insurance premiums paid (nondeductible) 2,800 ​ A) $1,300
B) $7,600
C) $23,300
D) $27,500
E) None of the above

Kinc. has provided the following data for the month of may: inventories: beginning ending work in process $ 17,000 $ 12,000 finished goods $ 46,000 $ 50,000 additional information: direct materials $ 57,000 direct labor cost $ 87,000 manufacturing overhead cost incurred $ 63,000 manufacturing overhead cost applied to work in process $ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is: