Raw material purchased OMR150000,closing stock raw material OMR 53000, Paid freight charges OMR 7000 and wages paid to labor 40000.The amount of raw material consumed is: a. OMR1440000 b. OMR104000 c. OMR54000 d. None of the options
Q: Raw material purchased OMR85000 , opening stock raw material OMR44000 , closing stock raw material…
A: PRIME COST : = OPENING STOCK + PURCHASES + OTHER PURCHASES EXPENSES - CLOSING STOCK + DIRECT…
Q: E 2-10 - Accounting for purchase commitments On Nov. 15, 2020, Malone Corp. entered into a…
A: This question deals with the purchase commitment accounting. This type of commitment is made by the…
Q: Raw material purchased OMR180000, opening stock raw material OMR 93000, Paid freight charges OMR…
A: Raw material consumed = Opening Raw material + Raw material purchased + Freight charges - Closing…
Q: . Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning x = beginning inventory x 40% = 22500 x 40% = 9000 units
Q: Income Gaskin Company derives the following items from its adjusted trial balance as of December 31,…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: A used delivery truck was traded in for a new truck. Information relating to the trucks follows:…
A: Benefit received from trade-in is equal to the difference of cash price of truck with and without…
Q: Additional Information: 1. Closing inventory on 31 December 2020 was RM150,000. 2. Second half…
A: A statement of comprehensive income is a financial statement that shows the net income along with…
Q: Raw material purchased OMR120000, closing stock raw material OMR23000,Paid freight charges OMR 8000…
A: Prime cost is the sum total of direct material cost , direct labour cost and direct expenses . Raw…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Weighted average method: Unit Conversion cost = Total conversion cost / EUP
Q: QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per…
A: As per IAS 2 the value of inventories is measured at the lower of cost or net realisable value. Net…
Q: A Consigned to B 1000 kgs. of certain goods at $ 200 per kg. Incurring $ 5,000 as expenses. 100 kgs.…
A:
Q: Raw material purchased OMR150000 , closing stock raw material OMR 53000 , Paid freight charges OMR…
A: SOLUTION- RAW MATERIAL CONSUMED = RAW MATERIAL PURCHASED + FREIGHT CHARGES -CLOSING STOCK OF RAW…
Q: Date RR# Vendor Name Amount Explanation Troy Trucks Pierce Products P75,985 Purchase of a new…
A: Adjusting Journal Entry The purpose of providing the adjusting journal entry to include all the…
Q: The following trial balance relates to Golden Ltd at 30* September 2018 GHS'000 GHS000 Sales (a)…
A:
Q: Denim Ltd started trading on 1 May 2020. The trial balance at 30 April 2021 is as follows: £000 £000…
A: 1. Depreciation on Plant and Equipment Book Value = 55,000 Depreciation Expense = 55,000 x 10% =…
Q: Question 1 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date…
A: Given Information : Cost of Vehicle -2 = $150,000 Depreciation Rate = 15% (straight line Method)…
Q: Raw material purchased OMR120000, closing stock raw material OMR23000,Paid freight charges OMR 8000…
A: Cost of Raw material used = Purchases - closing stock + freight = 120000-23000+8000 = 105000
Q: The following is an extract from the trial balance of CF at 31 March 2006: 1 of 7 GH¢°000 GH¢°000 DR…
A:
Q: Raw material purchased OMR150000, closing stock raw material OMR 23000, paid freight charges OMR…
A: Prime cost = Raw material consumed + Direct labour cost + Direct expenses Working note : 1 - Raw…
Q: Jaez Corporation is in the process of going through a reorganization. As of December 31, 2017, the…
A: Balance Sheet: It is a financial statement prepared by an organization to report their financial…
Q: 9-XYZ Company purchased Inventory on 1st January, 2018 worth OMR 10,000. The company decided to…
A: Inherent risk is a risk that occurs with omission in financial statement due to reasons other than…
Q: What unit cost must be entered in the stock card of Material A assuming that the allowance method is…
A: Stock card means where every movement of stock is recorded. Allowance method of recording discount…
Q: Raw material purchased OMR200000,opening stock raw material OMR53000,Paid freight charges OMR 8000,…
A: SOLUTION- PRIME COST = OPENING STOCK OF RAW MATERIAL + RAW MATERIAL PURCHASED + DIRECT EXPENSES -…
Q: Opening stock of work in progress is 12000, and closing stock of Work in progress is 11750 OMR,…
A: Cost of Goods Sold = Opening stock of finished goods + Cost of goods manufactured - Closing stock of…
Q: Prepare the statement of profit or loss and other comprehensive income, the statement of financial…
A: Prepare the statement of profit or loss and other comprehensive income:
Q: Q1/C/Dana Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price…
A: Exchange has commercial substance: If an exchange (Example: exchange of land for another…
Q: Equipment with an estimated market value of $29,467 is offered for sale at $47,671. The equipment is…
A: Equipment: It consists of the things including machines or tools that are used for a specific…
Q: Raw material purchased OMR120000, closing stock raw material OMR23000,Paid freight charges OMR 8000…
A: Prime cost in the business means total direct material consumed cost and direct labour cost. Direct…
Q: ernice Company purchased 30,00 lbs. of materials AB at $5 per lb. and incurred freight cost of…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: 13,100 units at a cost of $9.00 per unit = $117,900
A: Solution : Before tax LIFO liquidation profit = $39,700 As per LIFO , the inventory purchased latest…
Q: 2 The Elegance Manufacturing Company, in its statement of financial position as of December 31,…
A: Answer:- The cost of inventory to be shown in the statement of financial position of Elegance as of…
Q: No sales of consigned goods were made through December 31, 2020. In its December 31, 2020 balance…
A: Inventory refers to the goods or raw material hold by an organization for the purpose of production…
Q: Question 1 On 1 April 20X4 Triangle sold maturing inventory that had a carrying value of R3 million…
A: a) The transaction will be considered as a financial liability in which the loan…
Q: Linguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of…
A: THE DOLLAR-VALUE METHOD OF VALUING LIFO INVENTORY IS A METHOD OF DETERMINING COST BY USING (BASE…
Q: Raw material purchased OMR200000 , opening stock raw material OMR53000 , Paid freight charges OMR…
A: Prime cost means the addition of direct material and direct labor and other direct expenses.…
Q: Inventory Prepaid Insurance Non Current Assets 6,300 5,200 800 38,761 260 26.217 Office Furniture…
A: The ratio analysis helps to analyze the financial statements of the business with respect to assets,…
Q: Raw material purchased OMR150000,closing stock raw material OMR 53000, Paid freight charges OMR 7000…
A: Formula: Raw materials consumed =Beginning Raw materials + Purchases + Freight - Ending raw…
Q: Raw material purchased OMR85000, opening stock raw material OMR44000,closing stock raw material OMR…
A: Prime cost includes: Raw material consumed Direct Labor cost
Q: Raw material purchased OMR150000,closing stock raw material OMR 53000, Paid freight charges OMR 7000…
A: Raw material means the material purchased and still not enter in to the production lines. Work in…
Q: How much should be recorded as the purchase price of the individual PPE items: For items 18 to…
A: Plant assets (PPE): Plant assets are the purchase of the fixed asset for producing revenue. Its…
Q: Additional information: i. Inventory at 31 December 2020: RM14,510 a. Raw materials b. Finished…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Moore Company purchased an item for inventory that cost $20 perunit and was marked to sell at $30.…
A: Lower of cost or market: This method of LCM states that the inventory is required to be reported on…
Q: CASE 2 On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of…
A: Periodic inventory system is a type of inventory system in which all transactions related to…
Q: Engels Company Berlin purchased equipment on January 1 2018, for €43 677 cash. The purchased…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: CASE 2 On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Raw material purchased OMR180000 , opening stock raw material OMR 93000 , Paid freight charges OMR…
A: Correct answer is OMR 211,000 Option A
Q: date the book at the time of values except c Inventory Land Equipment The remaining useful life.…
A: Income from subsidiary included in Net Income is called Consolidate Income.
Q: Equipment that cost $879000 and had a book value of $394000 was sold for $455000. Data from the…
A: Equipment is an asset posted under the head property, plant, and equipment in the balance sheet of…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Beginning Equivalent units=Beginning inventory×% completion=22,500×40%=9,000 units
Step by step
Solved in 2 steps
- Raw material purchased OMR200000 , opening stock raw material OMR53000 , Paid freight charges OMR 8000 , closing stock raw material is OMR60000 and wages paid to labor 30000.The amount of prime cost is : O a . OMR281000 Ob . OMR261000 O c . OMR231000 O d . None of the optionsRaw material purchased OMR180000 , opening stock raw material OMR 93000 , Paid freight charges OMR 8000 , closing stock raw material is OMR70000 and wages paid to labor 40000.The amount of raw material consumed is : O a . OMR 211000 O b . O c . OMR130000 Od . OMR281000 None of the optionsRaw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:
- Raw material purchased OMR150000, closing stock raw material OMR 23000, paid freight charges OMR 8000 and wages paid to labor 40000 The prime cost is: О а. OMR134000 O b. OMR142000 O c. None of the options O d. OMR 145000 ge Next page wRaw material purchased OMR120000, closing stock raw material OMR23000,Paid freight charges OMR 8000 and wages paid to labor 40000 The prime cost is: a. None of the options b. OMR134000 c. OMR142000 d. OMR 145000Fill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales
- Raw material purchased OMR85000, opening stock raw material OMR44000,closing stock raw material OMR 21000, Paid freight charges OMR 10000 and wages paid to labor OMR45000 The prime cost is: a. OMR 173000 b. OMR 163000 c. OMR 143000 d. None of the optionsO d. OMR160,000 O e. None of the given answers XYZ Company developed the following data for the current year: Ending work in process inventory OMR225,000 ; Direct materials used OMR96,000 ; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR95,000 O b. OMR355,000 O c. OMR120,00 d. OMR605,000 O e. None of the answers given Next page rt 1 Jump to.. OM 18Moodle English (en) According to the information given in the table below, which of the following is Prime Cost? Opening Stock Raw Materials 28000 Purchases 128000 Freight in Purchase return raw Material 2800 1800 Wages paid to labor Closing Stock Raw Materials 78000 18000 Select one: O a. 177000 O b. 217000 O c. 139000 O d. 195000 ere to search 行
- Opening stock of Raw material is 190000 OMR, Freight Inwards 5000 OMR, custom duty on purchases 5000 OMR, Purchases of Raw material 600000 OMR, Purchase returns is 2500 OMR and Closing stock of Raw material is 3580 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR . Calculate Direct Raw Material Used. Select one: a. 670,000 OMR O b. None of these O c. 760,000O OMR O d. 793,920 OMROpening stock of Raw material is 160000 OMR, Freight Inwards 10000 OMR, Purchases of Raw material 500000 OMR, Purchase returns is 2000 OMR and Closing stock of Raw material is 8000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR . Calculate Direct Raw Material Used. a. 670,000 OMR b. 660,000 OMR c. 760,000 OMR d. None of theseAdditional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR Compute the adjusted cost of goods sold. O a. OMR 247,000 O b. OMR 258,000 O c. None of the given answer is correct O d. OMR 252,000 O e. OMR 257,000