1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Fenton Manufacturing Company at June 30: Cash in bank account $ 6,455 Inventory of postage stamps $ 74 Money market fund balance
Dmitrij [34]

Answer:

$19,462

Explanation:

The computation of the cash and cash equivalent is shown below:

= Cash in bank account + Money market fund balance + petty cash balance + money orders

= $6,455 + $12,400 + $350 + $257

= $19,462

It includes only cash in bank account, balance in money market, petty cash balance and the money orders

All other information which is given is not relevant. Hence, ignored it

5 0
3 years ago
You plan to borrow $40,000 at a 6% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year pay
STALIN [3.7K]

Answer:

Interest for second year $2,114.08

Explanation:

given data

loan Amount = $40,000.00  

Interest rate r = 6.00%  

time period t = 7  

solution

we get here first Equal Monthly Payment EMI that is express as

EMI = \frac{P \times r \times (1+r)^t}{(1+r)^t-1}      ................1

here P is Loan Amount and r is rate and t is time period  

put here value and we get  

EMI = \frac{40000 \times 0.06 \times (1+0.06)^7}{(1+0.06)^7-1}    

EMI = $7165.40  

now

we get here interest for second year that is

Closing balance at year 1 = opening balance + Interest - EMI Payment

Closing balance at year 1 =  $40,000  + $2400 - $7165.40  

Closing balance at year 1 =   $35234.60

so Interest for second year $2,114.08

8 0
3 years ago
Faith age 42, orally agreed to work for Trinity, Inc. for the rest of her life for $50,000 per year. This agreement would not be
Paraphin [41]

Answer: False

Explanation:

8 0
3 years ago
Read 2 more answers
Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,0
satela [25.4K]

Answer:

Accounting profit will be $500000

Economic profit will be $200000

Explanation:

We have given number of units produces = 200000

Cost of one unit = $10

So total cost of production = 100000×$10 = $1000000

Explicit cost = $1500000

And implicit cost = $300000

We know that accounting profit = revenue - explicit cost = $1000000-$1500000 = $500000

And economic profit = revenue - implicit cost = $1000000-$300000 = $200000  

7 0
3 years ago
A store puts everything on sale for 20% off. If the sales tax is 8%, what percent of the original marked price is the final cost
iogann1982 [59]

Answer:

86.4%

Explanation:

the original marked price is m

then with a sales discount of 20%

the (pre-sales tax) sale price is 100%−20%=80% of 

The post-sales tax price is the pre-sales tax price plus 8%,

that is the post-sales tax price is 108%=1.08 of the pre-sales tax price.

Therefore the final cost (i.e. the post-tax price) is

4 0
3 years ago
Other questions:
  • Salon Du Jour offers special combination packages at a reduced price. Separately, a haircut is $30 and a conditioning treatment
    5·1 answer
  • Hollis industries produces flash drives for computers, which it sells for $20 each. each flash drive costs $13 of variable costs
    6·1 answer
  • In the foreign exchange market, the price of one nation's currency in terms of the currency of another nation is known as the
    15·1 answer
  • What value do marketing channels bring to the customer?
    11·1 answer
  • You notice that Coca-Cola has a stock price of $41.09 and EPS of $1.89. Its competitor PepsiCo has EPS of $3.90. But, Jones Soda
    13·1 answer
  • The Wagner Act of 1935 is grounded in which of the following principle beliefs regarding conflict?
    7·1 answer
  • In a Bring Your Own Device (BYOD) policy, the user acceptance component may include separation of private data from business dat
    13·1 answer
  • A magazine company's Unearned Revenue account had a balance of $12,700 on January 1, 2013. On December 31, 2013, as part of the
    10·1 answer
  • The accounting principle that requires that the cost flow assumption be consistent with the physical movement of goods is:a. cal
    7·1 answer
  • Select the items the describe possible problems with being unemployed and not earning income.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!