Luker Corporation Luses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on Octobet 1t transfered in 1854000 of unes comcen during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods marufactured diunng Octoberw Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856,300. Debit Finished Goods Inventory $854,000: credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.

Manji

Please complete the Income statement   Calculation of Direct Materials Used         (Analyze Raw Materials Account)                   Beginning Raw Materials Inventory 2,373.75       Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25       Materials Available for Use 28485       Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68                 Calculation of Cost of Goods Manufactured         (Analyze WIP Inventory)                   Beginning WIP Inventory 0       Plus Manufacturing Costs Incurred: 355,428.68       Direct Materials Used 10443.68       Direct Labor 135,000.00       Manufacturing Overhead 191,943.68       Total Manufacturing Costs to Account For 337,387.36       Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04                 Calculation of Cost of Goods Sold         (Analyze Finished Goods Inventory)…

Complete the production cost report using FIFO.

The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 發 Balances in inventory August 31 August 1 Materiais Work in Process Finished Goods $65,000547,000 $60.000 *Sue00 M The total amount of inventory to be included in Elite's August 31st balance sheet amounts to A. $135,000 B. $210,000 C. $160,000 D. Some other amount 1 1109

Give typing answer with explanation and conclusion  nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?