Luker Corporation uses a process costing system. The company had $168,500 of beg
ID: 2393970 • Letter: L
Question
Luker Corporation uses a process costing system. The company had $168,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $845,000. The ending Finished Goods Inventory balance on October 31 was $166,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Cost of Goods Sold $845,000. credit Finished Goods Inventory $845.000 Debit Cost of Goods Sold $847300, credit Work in Process Inventory $847.300 Debit Finished Goods Inventory $845.000 credit Work in Process Inventory $845.000 Debit Finished Goods Inventory $166,200, credit Cost of Goods Sold $166.200 Debit Cost of Goods Sold $847,300, credit Finished Goods Inventory $847,300Explanation / Answer
1.
Option C is correct. Debit finished good inventory and credit work in progress inventory account.
2.
Option D is correct. 187600 Units
During the year completed = 173000
+ equ closing stock = 20000*73% i.e. 14600
___________________________________________
Total = 187600
3.
Option C is correct.
Weighted average direct material per unit = $253000 + $93500 / 25000+110000+30000
= $2.1 per equ unit
4.
Option B is correct. (97000 & 10000)
Assuming that $10000 will be entirely charged to Assambly department.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.