Luebke Incorporated Has Provided the Following Data for the Month

question 228

Multiple Choice

Luebke Incorporated 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 $52,000 and at the end of the month was $30,000. The cost of goods manufactured for the month was $212,000. The actual manufacturing overhead cost incurred was $55,000 and the manufacturing overhead cost applied to Work in Process was $58,000. 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:

• A) $231,000
• B) $190,000
• C) $234,000
• D) $212,000

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Definitions:

Debts And Obligations

Amounts of money or services owed to others that represent claims against a company or individual's assets.

Liabilities

Financial obligations or debts that a company owes to others, which can include loans, accounts payable, mortgages, deferred revenues, and bonds payable.

Dividends Declared

Earnings designated by the board of directors of a corporation to be shared among its stockholders.

Statement Of Changes In Equity

A financial statement that details the movements in equity accounts during a specific period, including share capital, reserves, and retained earnings.