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denis-greek [22]
3 years ago
5

Luker Corporation uses a process costing system. The company had $160,500 of beginning Finished Goods Inventory on October 1. It

transferred in $837,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $158,200. The entry to account for the cost of goods manufactured during October is
Business
1 answer:
salantis [7]3 years ago
8 0

Answer and Explanation:

The journal entry for the cost of goods manufactured is shown below:

Finished Goods Inventory $837,000

          To Work in process $837,000

(Being cost of goods manufactured)

Here the finished goods inventory is debited as it increased the assets and credited the work in process as it decrease the assets

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Answer:

2,845 units

Explanation:

To find the answer you need to consider that the profit is equal to the sales minus the costs.

Let's consider that x is the number of units sold

Sales= Price per unit*number of units sold

Sales= 37x

Variable cost= Cost per unit*number of units sold

Variable cost= 11x

Fixed cost= 18,470

55,498=37x-11x-18,470

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x=73,968/26= 2,845

According to this, the answer is that they need to sell 2,845 units to make the desired profit.

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On January 1, Novak Corp. issued $3600000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $3859546.
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Answer:

the debit entry to Interest Expense is $463,145.52

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