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Alborosie
3 years ago
7

Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at th

e beginning of the month was $64,000 and at the end of the month was $31,200. The cost of goods manufactured for the month was $218,000. The actual manufacturing overhead cost incurred was $58,600 and the manufacturing overhead cost applied to Work in Process was $62,800. 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:
Business
1 answer:
ozzi3 years ago
7 0

Answer:The adjusted cost of goods sold that would appear on the income statement for November is:=$246,600

Explanation:

Beginning finished goods inventory      $64,000

Add: Cost of goods manufactured           $218,000

Cost of goods available for sale                $282,000

Less: Ending finished goods inventory         $31,200

Unadjusted cost of goods sold                     $250,800

Less: over applied overhead

 Over applied manufacturing overhead cost = manufacturing overhead cost directed to Work in Process - Actual manufacturing overhead cost incurred    =$62,800- $58,600= 4,200

Adjusted cost of goods sold                $250,800 -$4,200 =$246,600

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Answer:

the cost per equivalent unit for conversion costs for the month is $ 6.256 (round off to three decimal places)

Explanation:

The Concept of Equivalent units measures the number of units of output in terms of percentage completion of a certain input element.

In this question we  are required to find the cost per equivalent unit for conversion costs.

Step 1 Find the Total conversion costs for the period.

Conversion cost in this beginning work in process inventory $19,200

Conversion costs incurred in the  during the month              $383,060

Total conversion costs for the period                                      $402,260

Step 2 Find the Total Equivalent units

Hint : First find the Units Completed

Units Completed = 10000+6000-19000

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Total Equivalent units                                         =64,300

Step 3 Find cost per equivalent unit for conversion costs

cost per equivalent unit = Total conversion costs / Total Equivalent units

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\left[\begin{array}{cccc}&$Physical Units&$Materials&$Conversion\\$Beginning&2,000&0.6&0.4\\$Transferred out&9,000&&\\$Ending&3,000&0.8&0.3\\$Equivalent Units&&10,200&9,100\\\end{array}\right]

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<u>  (beginning x completion)  </u>

Equivalent units

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<u>Conversion Cost</u>

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