Question

TB MC Qu. 3-83 Luebke Inc. has provided the following data ... 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 $67,000 and at the end of the month was $31,500. The cost of goods manufactured for the month was $219,500. The actual manufacturing overhead cost incurred was $59,500 and the manufacturing overhead cost applied to Work in Process was $64,000. 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: 1 Multiple Choice $250,500 0 O $184,000 0 0 $255,000 $219,500 0

Answer 1

Answer:

	Option 1st $250500
	Particulars	Amount
	Cost of Goods Manufactured	219500
	Add: Beginning finished goods inventory	67000
	Cost of goods available for sale	286500
	Less: Ending finished goods inventory	-31500
	Un adjusted Cost of goods sold	255000
	Less: Over applied overhead	-4500
	Adjusted cost of goods sold	250500
	*Over applied overhead = Applied overhead - Actual overhead
		64000- 59500
		4500