Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $63,000 and at the end of the month was $31,100. The cost of goods manufactured for the month was $217,500. The actual manufacturing overhead cost incurred was $58,300 and the manufacturing overhead cost applied to Work in Process was $62,400. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is: Multiple Choice $245,300 $185,600 $249.400 $217,500

Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $63,000 and at the end of the month was $31,100. The cost of goods manufactured for the month was $217,500. The actual manufacturing overhead cost incurred was $58,300 and the manufacturing overhead cost applied to Work in Process was $62,400. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is: Multiple Choice $245,300 $185,600 $249.400 $217,500

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Question

Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was
$63,000 and at the end of the month was $31,100. The cost of goods manufactured for the month was $217,500. The actual manufacturing overhead cost incurred
was $58,300 and the manufacturing overhead cost applied to Work in Process was $62,400. The company closes out any underapplied or overapplied
manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is:
Multiple Choice
$245.300
$185,600
$249,400
$217,500

Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 22,160 hours and
the total estimated manufacturing overhead was $585,0024. At the end of the year, actual direct labor-hours for the year were 22,150 hours and the actual
manufacturing overhead for the year was $585,024. Overhead at the end of the year was: (Round your intermediate calculations to 2 decimal places.)
Multiple Choice
$314 overapplied
$314 underapplied
$264 underapplied
$264 overapplied

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