Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020: OMR 360000 OMR 200000 OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: OMR 13800 Material OMR 19000 OMR 32000 Work-in process Finished goods Total Production Units 3000 Units 35000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: L Manufacturing Statement IL Calculate unit production cost.

Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020: OMR 360000 OMR 200000 OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: OMR 13800 Material OMR 19000 OMR 32000 Work-in process Finished goods Total Production Units 3000 Units 35000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: L Manufacturing Statement IL Calculate unit production cost.

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 2: Mirbat Company has the following information for the period ended 31 December 2020. OMR 380000 OMR 210000 Direct material purchases Direct labor OMR 28000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process OMR 51200 Finished goods OMR 77000 Purchase returns of direct materials OMR 3400 Depreciationadministrative OMR 11800 Inventories, 31 December 2020: Material OMR 18000 Work-in process OMR 35000 Finished goods 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement IL Calculate unit production cost.
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor Factory maintenance Power and heatfactory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 680000 OMR 200000 OMR 29000 OMR 18500 15 % of the direct labor cost OMR 25000 OMR 7000 OMR 33300 OMR 8500 Direct Material OMR 45700 Work-in-process Finished goods OMR 50000 OMR 75000 returns of Purchase direct materials Depreciation-administrative Inventories, 31 December 2020: Material OMR 7400 OMR 13800 OMR 19000 Work-in process OMR 32000 Finished goods Total Production Units Salary - administrative Commission – selling 3000 Units 35000 units OMR 5000 OMR 15800 Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 360000 OMR 200000 OMR 29000 OMR 18500 15 % of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 Work-in-process Finished goods Purchase returns of direct materials Depreciation-administrative Inventories, 31 December 2020: OMR 50000 OMR 75000 OMR 7400 OMR 13800 Material OMR 19000 Work-in process Finished goods Total Production Units OMR 32000 3000 Units 35000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…
Question 2: Mirbat Company has the following information for the period ended 31 December 2020. Direct material purchases 380000 OMR Direct labor OMR 210000 Factory maintenance 28000 OMR Power and heat-factory 14500 OMR Direct Expenses prime cost Indirect factory labor 23000 10 % of the OMR Freight In 6500 OMR Depreciation - Factory 24800 OMR Inventories, 1 January 2020: Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Inventories, 31 December 2020: Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
Exercise 4: ABC Electrical Company has the following records for the period ended 31 December 2019. Total production units 7500 units Material purchased OMR 55000 Inventories, 1 January 2019: Materials OMR 2000 Work-in-process OMR 20000 Finished goods OMR 10000 Direct labor OMR 105000 Factory overhead OMR 75000 Inventories, 31 December 2019: Material OMR 5000 Work-in process OMR 10000 Finished goods 1000 units Finished goods are valued at the current unit 1/Schedule of cost of goods manufactured
Question 2: Oman Company has the following information for the period ended 31 December 2020. OMR 380000 Direct material purchases OMR 210000 Direct labor OMR 28000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020: Direct Máterial OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 OMR 44300 OMR 51200 Work-in-process Finished goods OMR 77000 OMR 3400 Purchase returns of direct materials OMR 11800 Depreciation-administrative Inventories, 31 December 2020: Material OMR 18000 Work-in process OMR 35000 Finished goods 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost. %3D
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 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 manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending -raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00