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Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory on October 1. It transferred in $852,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $173,200 The entry to account for the cost of goods manufactured during October is Debit Cost of Goods Sold $852,000; credit Finished Goods Inventory $852,000. Debit Cost of Goods Sold $854,300, credit Work in Process Inventory $854,300. Debit Finished Goods Inventory $852,000; credit Work in Process Inventory $852,000. Debit Finished Goods Inventory $173,200; credit Cost of Goods Sold $173,200. Debit Cost of Goods Sold $854,300; credit Finished Goods Inventory $854,300. K Company estimates that overhead costs for the next year will be $4,000,000 for indirect labor and $970,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 140,000 direct labor hours are planned for this next year, what is the company's plantwide overhead rate? $0.03 per direct labor hour. $35.50 per direct labor hour. $28.57 per direct labor hour $6.93 per direct labor hour. $0.14 per direct labor hour. Peterson Company estimates that overhead costs for the next year will be $3,900,000 for indirect labor and $980,000 for factory utilities The company uses machine hours as its overhead allocation base. If 100,000 machine hours are planned for this next year, what is the company's plantwide overhead rate? (Round your answer to two decimal places.) $0.03 per machine hour. $48.80 per machine hour. $38.64 per machine hour. $9.80 per machine hour. $0.10 per machine hour.

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