Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, OMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020? Select one: O a. OMR 2,060,000. O b. OMR 2,110,000. O c. None of the answers are correct O d. OMR 2,020,000. e. OMR 2,100,000.

Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, OMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020? Select one: O a. OMR 2,060,000. O b. OMR 2,110,000. O c. None of the answers are correct O d. OMR 2,020,000. e. OMR 2,100,000.

Name: Muscat Company's accounting records reflect the following inventories
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Muscat Company's accounting records reflect the following inventories:Dec. 31, 2020,Jan. 1, 2020Raw materials inventoryOMR 310,000OMR 300,000Work in process inventory300,000160,000Finished goods inventory190,000150,000During 2020, OMR 800,000 of raw

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
Bubba 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…
Coronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted to
Help
he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?
Pedro Company reported the following inventory balances as of October 31, 2020:Raw Materials P 80,000Work in Process 110,000Finished Goods 190,000The following transactions occurred during the month of November 2020:1. Purchased P25,000 of raw materials on account.2. Issued P18,000 of raw materials to production of which P15,000 were direct to the product.3. Factory payroll of P34,000 was accrued and distributed as follows: P30,000 for direct labor andP4,000 for supervisors (ignore payroll taxes and deductions).4. Factory utility costs of P8,000 were accrued.5. Prepaid insurance of P1,000 on factory equipment expired in November.6. Straight-line depreciation on factory equipment for the month was P10,0007. Selling and administrative expenses were P40,000 (P30,000 was paid in cash and P10,000 wasaccrued.8. Factory Overhead was transferred to work in process inventory.9. Goods manufactured were transferred to to finished goods inventory. Ending inventorieswere: work in process, P60,000…
Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
Uramilaben
Consider the following data (photo)Required: Calculate the cost of goods manufactured
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1) P 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company…