ning services -SQU Libraries -SQU Portal AttendandXYZ Company developed the following data for thecurrent year: Ending work in process inventoryOMR250,000 ; Direct materials used OMR96,000;Manufacturing Overhead applied OMR144,000 ; Costof goods manufactured OMR350,000 ; Direct laborcost OMR240,000. Company's beginning work inprocess inventory isSelect one:O a. OMR380,000O b. OMR145,000O c. OMR120,000Q d. None of the answers givene. OMR580.000YZCompany uses normal costing. Following are

Calculation of Beginning work in Process Inventory Particulars Amount Cost of goods…

Answered: cost OMR240,000. Company's beginning…

Business

Accounting

cost OMR240,000. Company's beginning work in process inventory is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

ning services -
SQU Libraries -
SQU Portal Attendand
XYZ Company developed the following data for the
current year: Ending work in process inventory
OMR250,000 ; 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. OMR380,000
O b. OMR145,000
O c. OMR120,000
Q d. None of the answers given
e. OMR580.000
YZCompany uses normal costing. Following are

Expert Solution

Step 1

Calculation of Beginning work in Process Inventory

Particulars	Amount
Cost of goods manufactured	OMR 350,000
Add: Ending work in process inventory	OMR 250,000
The total cost of work in process	OMR 600,000
Less: Manufacturing cost	OMR 144,000
Beginning work in process inventory	OMR 456,000

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