Calculate the selling price of job No. 102 if Material issued to job is OMR 2,500, Material retuned to store is OMR 200, Material transferred from Job No.111 is OMR 300, Labour cost OMR 1,200, direct expenses are OMR 800, indirect labour OMR 1,600 and office overheads are OMR 700. Job is complete and sold to customer at 20% profit on cost.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Calculate the selling price of job No.
102 if Material issued to job is OMR
2,500, Material retuned to store is
OMR 200, Material transferred from
Job No.111 is OMR 300, Labour cost
OMR 1,200, direct expenses are OMR
800, indirect labour OMR 1,600 and
office overheads are OMR 700. Job is
complete and sold to customer at
20% profit on cost.
a. OMR 7,560
O b. OMR 7,000
O C. OMR 6,300
O d. OMR 1,260
Transcribed Image Text:Calculate the selling price of job No. 102 if Material issued to job is OMR 2,500, Material retuned to store is OMR 200, Material transferred from Job No.111 is OMR 300, Labour cost OMR 1,200, direct expenses are OMR 800, indirect labour OMR 1,600 and office overheads are OMR 700. Job is complete and sold to customer at 20% profit on cost. a. OMR 7,560 O b. OMR 7,000 O C. OMR 6,300 O d. OMR 1,260
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education