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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Items
Cost
Items
Cost
Raw materials, 1/1/2019
OMR 30,000 Insurance, factory
OMR 14,000
Raw materials, 12/31/2019
20,000
Property taxes, factory building 6,000
Raw materials purchase during 2019 205,000
Sales revenue
1,500,000
Indirect materials
15,000
Delivery expenses
100,000
Work in process, 1/1/2019
80,000
Sales commissions
150,000
Work in process, 12/31/2019
50,000
Indirect labor
90,000
Finished goods, 1/1/2019
110,000
Factory machinery rent
40,000
Finished goods, 12/31/2019
120,000
Factory utilities
65,000
Direct labor
350,000
Depreciation, factory building
24,000
Factory manager's salary
35,000
Administrative expenses
300,000
Assume that Superior Company's accounting records show the balances of the following current asset accounts: Cash OMR
17,000, Accounts Receivable (net) OMR 120,000, Prepaid Expenses OMR 39,000. the total current assets section of the balance
sheet for Muscat company as of December 31, 2019, will be.
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- Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000arrow_forwardABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21 Direct materials (DM) P36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the March 2021 are as follows:DM purchased P84,000 Factory overhead per DLhour P10.00Freight-out 2,000 Selling expenses 15,000Direct Labor (DL) payroll 60,000 Administrative expenses 17,000DL rate per hour 7.50 For the month of March 2021, conversion cost was:A. P90,000B. P140,000C. P144,000D. P170,000arrow_forwardJohn Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000arrow_forward
- The following represents the financial information for Plaza Plastics for May and June: June $636,000 Sales revenue Costs Scrap Process inspection Quality training Product testing equipment Field testing Warranty repairs Rework Preventive maintenance Legal expense for warranty claims Materials inspection Required A Required B Prevention May $ 843,000 % $ 2,160 3,040 23,940 Required: a. Classify these items into Prevention, Appraisal, Internal failure, or External failure costs. b. Calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for May and June. June 5,340 8,580 3,540 Complete this question by entering your answers in the tabs below. % 19,940 16,380 7,980 11,460 Calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for May and June. Note: Round your percentage answers to 1 decimal place (i.e., .321 as 32.1). May $ 1,870 1,920 11,880 4,500 6,480 3,240 16,830 8,730 4,500 11,340arrow_forwardBubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…arrow_forwardABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21 Direct materials (DM) P36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the March 2021 are as follows:DM purchased P84,000Factory overhead per DLhour P10.00Freight-out 2,000Selling expenses 15,000Direct Labor (DL) payroll 60,000Administrative expenses 17,000DL rate per hour 7.50 For the month of March 2021, PRIME cost was:A. P90,000B. P120,000C. P144,000D. P150,000arrow_forward
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