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KatRina [158]
3 years ago
9

Luebke Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory accou

nt at the beginning of the month was $72,000 and at the end of the month was $32,000. The cost of goods manufactured for the month was $222,000. The actual manufacturing overhead cost incurred was $61,000 and the manufacturing overhead cost applied to Work in Process was $66,000. 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:
Business
1 answer:
sesenic [268]3 years ago
3 0

Answer:

$257,000

Explanation:

Calculation for what The adjusted cost of goods sold that would appear on the income statement for November is:

First step is to calculate Over applied overhead

Over applied overhead = $66,000- $61,000

Over applied overhead= $5,000

Second step is to calculate Unadjusted cost of goods sold

Unadjusted cost of goods sold = $72,000+$222,000+$32,000

Unadjusted cost of goods sold = $262,000

Now let calculate the Adjusted cost of goods sold

Adjusted cost of goods sold = $262,000-$5,000 Adjusted cost of goods sold= $257,000

Therefore The adjusted cost of goods sold that would appear on the income statement for November is:$257,000

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Amberjack Company is trying to decide on an allocation base to use to assign manufacturing overhead to jobs. The company has alw
svetoff [14.1K]

Answer:

Results are below.

Explanation:

Giving the following information:

Estimated Value Actual Value

Manufacturing overhead cost $732,000 $842,000

Direct labor hours 14,640 hours 16,600 hours

<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 732,000 / 14,640

Predetermined manufacturing overhead rate= $50 per direct labor hour

<u>Now, we can allocate overhead:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 50*16,600

Allocated MOH= $830,000

<u>Finally, the over/under allocation:</u>

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 842,000 - 830,000

Underapplied overhead= $12,000

8 0
3 years ago
Pastore Inc. granted options for 1 million shares of its $1 par common stock at the beginning of the current year. The exercise
Step2247 [10]

Answer:

$7,000,000

Explanation:

Calculation to determine What would be the total compensation indicated by these options

Using this formula

Total Compensation =Beginning options*Fair value of the options

Let plug in the formula

Total Compensation =1,000,000 shares × $7

Total Compensation =$7,000,000

Therefore What would be the total compensation indicated by these options is $7,000,000

3 0
3 years ago
How many miles is 64km?​
Alinara [238K]

Answer:

The Answer is 39.769 miles

5 0
3 years ago
six packs of cola are on sale for 1.50, if a customer buys a 24 pack, what is the total charge including 8% sales tax?
valkas [14]

Answer:

$6.48

Explanation:

A pack of six costs $ 1.50

A pack of 24 will cost $(1.50 x 4)= $ 6

8% tax will be: 8/100 x 6= .08x6= 0.48

Total = $6+$ 0.48 = $6.48

6 0
2 years ago
Demand"" is a series of prices and the related quantities that consumers are willing and able to buy at a particular ___________
Nonamiya [84]

Answer:

given price in a given time period

Explanation:

Demand is the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period. Each of us has an individual demand for particular goods and services and our demand at each price reflects the value that we place on a product, linked usually to the enjoyment or usefulness that we expect from consuming it. Law of demand  states that If the price of something goes up, people are going to buy less of it.The higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.  Demand is based on needs and wants a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing. Demand is also based on ability to pay. If you cannot pay, you have no effective demand. What a buyer pays for a unit of the specific good or service is called price. The total number of units purchased at that price is called the quantity demanded. An increase in the price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a decrease in price will increase the quantity demanded.

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