Calculate the amount by which overhead is over or is under a pplied at the end of the year Calculate the amount of over or under applied overhead allocated to work-in-process: 17. Lex Luthor Steel (Luthor) processes a single type of steel. For the current period the following information is given: Units Material Costs Conversion Costs 3,000 SA,500 2,500 eginning Inventory 5,400 tarted During the Current Period 20000 32000 78,200 Ending Inventory inventory was 40% All materials are added at the beginning of the production process. The beginning complete as to conversion, while the ending inventory was 30% completed for conversion purposes. Luthor uses the weighted-average costing method What is the total cost assigned to the units completed and transferred this period? Luthor uses the FIFO costing method What is the total cost assigned to the units completed and transferred this period