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 $52,000 and at the end of the month was $30,000. The cost of goods manufactured for the month was $212,000. The actual manufacturing overhead cost incurred was $55,000 and the manufacturing overhead cost applied to Work in Process was $58,000. 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:
A. $234,000
B. $190,000
C. $231,000
D. $212,000
Answer: C
You might also like to view...
As a selling point, durability commands a particularly high pricing premium, especially for products that are subject to rapid technological obsolescence, as are personal computers and video cameras
Indicate whether the statement is true or false
Substantive analytical procedures are optional for significant tests and disclosures
a. True b. False Indicate whether the statement is true or false
A product consists of five parts. The reliabilities of these parts are 0.98, 0.28, 0.99, 0.99, and 0.99. Calculate and indicate product reliability.
A. 0.27% B. 0.32% C. 0.43% D. 0.21%
Earnings management through strategic matching is best exemplified by
a. changing the useful life of a depreciable asset. b. timing transactions such that large one-time gains and losses occur in the same quarter. c. changing the interest rate used in accounting for leases without describing the change in the notes to the financial statements. d. capitalizing as assets expenditures that have no future economic benefit.