Use the cost information below for Sundar Company to determine the cost of goods manufactured during the current year:Direct materials used$19,000Direct labor used24,500Factory overheadBeginning work in process55,10010,700inventoryEnding work in process11,300inventoryMultiple Choice$98,600.$43.500.$98.000.$42,900.$79,000.

Total manufacturing costs = Direct material used + Direct labor used + Factory overhead =…

Answered: Use the cost information below for…

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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XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 383,000 O b. OMR 418,000 O c. OMR 363,000 O d. None of the given answer is correct O e. OMR 393,000
Ragtime Company had the following information for the year Direct materials used: Direct labor incurred (5,350 hours) Actual manufacturing overhead incurred Ragtime Company used a predetermined overhead rate of $44 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,400. What was cost of goods manufactured? Multiple Choice $455.900 $489,100 $446,500 $113, 100 $158,000 $175,400 $271,100
D Company reported the following information for the year: Ending work-in- process inventory P4,000 Beginning work-in-process inventory P3,000 Factory overhead P5,100 Direct labor cost P7,000 Direct materials used P5,000 Manufacturing costs added to work-in-process inventory were: P12,000 OP17,100 P16,100 OP13,600
Under absorption costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places, eg. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Cost of goods sold $ eTextbook and Medi Save for Later Attempts: 0 of 3 used Submit Answer
The related data of Ivian Company: Ending Beginning Raw materials P100,200 P200,300 Work in process 300,400 355,500 Finished goods 285,700 312,700 The Cost of goods sold is P1,317,200. Direct materials used are P625,700 while factory overhead is applied at 50% of the direct materials used. What has the amount of the direct labor cost?
Given the following data for Muscat Company, compute cost of goods manufactured: Direct materials used OMR 120,000 Beginning work in process OMR 20,000 Direct labor 200,000 Ending work in process 10,000 Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 compute cost of goods manufactured: Select one: a. OMR 500,000 Ob.OMR 520,000 Oc. None of the answers are correct O d. OMR 490,000 Oe. OMR 510,000
The following transaction occured in production department of NGV Company. 1. Direct material purchased on credit 25,000 2. All materials used in production department 3. Direct labor cost incurred was 9,000 4. Overhead applied to production department was 22,000 5. Units completed were of worth 55,000 6. Units sold were costing 45,500 NGV uses backflush costing method. Required: a. Calculate finished goods inventory b. Calculate the work in process inventory c. Prepare the T accounts and post all necessary entries based on the above transactions.
What are the prime costs for the year?What are the prime costs for the year?
Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials. inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $ 35,000 18,000 38,000 15,000 560,000 210,000 120,000 What is Wasson's total cost of work in process for the year?
Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer Answer 18,120 250 Wages Payable 9,000 1,050 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 175 Answer Answer 18,000 4,500 0 Work in Process Inventory 3,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer Save AnswersNext
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Question: The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $780,000 Work-in-process inventory, Jan. 1 81,000 Work-in-process inventory, Dec. 31 103,000 Finished goods inventory, Jan. 1 171,000 148,000 Finished goods inventory, Dec. 31 What is Dolphin's cost of goods sold?

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