Question

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 $59,000 and at the end of the month was $30,700. The cost of goods manufactured for the month was $215,500. The actual manufacturing overhead cost incurred was $57,100 and the manufacturing overhead cost applied to Work in Process was $60,800. 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:

Multiple Choice

• $240,100

• $187,200

• $243,800

• $215,500

Question 2

Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,400 units. The costs and percentage completion of these units in beginning inventory were:

	Cost				Percent Complete
Materials costs	$	6,700				65%
Conversion costs	$	7,800				45%

A total of 8,500 units were started and 6,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

	Cost
Materials costs	$	126,500
Conversion costs	$	208,000

The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs.

The cost per equivalent unit for materials for the month in the first processing department is closest to:

Multiple Choice

• $13.10

• $13.70

• $15.86

• $12.28

Answer 1

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