:XYZ Company had the following information for the year 110,000 OMR Direct materials used 150,000 OMR Direct labor incurred (4,000 hours) 166,000 OMR Actual manufacturing overhead incurred The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is Pan ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured OMR 393,000 a O OMR 363,000 .bO OMR 383,000 .cO None of the given answer is correct .d O OMR 418,000 e O

:XYZ Company had the following information for the year 110,000 OMR Direct materials used 150,000 OMR Direct labor incurred (4,000 hours) 166,000 OMR Actual manufacturing overhead incurred The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is Pan ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured OMR 393,000 a O OMR 363,000 .bO OMR 383,000 .cO None of the given answer is correct .d O OMR 418,000 e O

Name: rison 2O Microsoft Office HomeO ch01 Cost Concepts Garrison 21M (no s
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Description: rison 2O Microsoft Office HomeO ch01 Cost Concepts Garrison 21M (no subject) - s127095@studentattempt=1764895&cmid%3875183&page=4SQU E-خدمات التعلم الإلكتروتي -SQU PORTAL ATTENDANCE - elallesالوقت المتيقي 56:/1:4OMR 252,000 bOOMR 258,000 cOOMR 257,0

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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David Furniture Ltd incurred the following actual costs during the year just ended: Direct material used $200,020 Direct labour $190,000 Manufacturing overhead $278, 000. The inventory balances, on 1 January, were as follows: Raw material $47 000; Work in process $61 500 Finished goods $65 000. Each of these inventory balances was 10 percent lower at the end of the year. The cost of goods manufactured is:
The company's direct labor costs were $1,353,600 and its total a st of goods manu- percentage of direct labor costs. The ending inventories include the following'costs: Problem 2-5 Detomining Cosł ol Goods Sold factured was $4,820,000 for the year. Manufacturing overhead costs are a constant · materials ($192,200), work in process ($128,000), and finished goods ($236,000). pany's 1990 manufacturing performance. The beginning inventories included raw The treasurer of Halc Company has accumulated cost data concerning the com $1,353,600 and its total a st of goods manu- The company's direct labor costs were Raw Work in Process Finished Materials Goods $176,000 $44,000 44,800 $ 60,000 52,800 79,200 $192,000 Raw materials Direct labor. Manufacturing overhead Tatal ending inventory. $176,000 Required: Prepare a schedule showing the cost of goods sold for 1990.
DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses $204,000 $243,000 $20,000 $146,000 Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process$358,000 Actual manufacturing overhead cost $328,000 Inventory balances at the beginning and end of the year were as follows: Beginning End of Year $60,000 $38,000 $33,000 $44,000 of Year Raw materials Work in process Finished goods $25,000 $ ? For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statement income was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. How much was the DS-25999 company's sales revenue for the year? 17,650 MAR 14 MacBook Air
It is the end of the fiscal year for Sophco. The company applies Manufacturing Overhead to its inventory and cost of goods sold using a normal costing system and a predetermine overhead rate. At the end of the year the following balances are in the inventory, cost of good sold and manufacturing overhead accounts. WIP INV FG INV COGS RM 1,000,000 RM 500,000 RM 2,500,000 DL 3,000,000 DL DL 2,500,000 8,500,000 MO MO MO H 4,000,000 H 3,000,000 H 14,000,000 MFG OH 150,000 Required: ©Copyrighted by Richard S. Claire 6/14/2020. All rights reserved. Page 5 of Using the proration method, prorate the $150,000 of over applied manufacturing overhead to each account and enter the amounts into the "T" accounts above.
Account balances from Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 Under- or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Oa. $1,440,000. Ob. $640,000. Oc. $960,000. Od. $1,040,000.
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The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000
None
'. At the beginning of the year, Primer Manufacturing Company had the following balances in its inventory accounts: Raw Materials Php 100,000.00 Work in Process 232,000.00 Finished Goods 720,000.00 The work in process subsidiary ledger shows the following balances: Job 500 consists of Materials, Php 22,000.0O, direct labor Php 48,000.00, and factory overhead of Php 72,000.00. Job 600 consist of Php 15,000.00 Materials, 30,000.00 of direct labor, and 45,000.00 factory overhead. * The finished goods inventory contains Job 400 with a total cost of P320,000 and Job 300 with a total cost of P400,000. Summary of transactions for the 3-months ended Sept. 20, of the current year are given below: a. Raw materials purchased on cash, P450,000. b. Materials issued to production, P400,000, distributed as follows: Job. 500 (20%), Job 600 (25%), Job 700 (30%), Job 800(15%) and the balance represent factory supplies consumed. c. Labor costs for the period: Direct labor - P200,000 distributed as…
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Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $30,500 $80,000 $18,500 May 30 $40,000 $76,000 $17,270 Raw materials Finished Goods Work in Process During May, $63,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor- hour, and it paid its direct labor workers $15 per hour. A total of 400 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,550 of direct materials cost. The Corporation incurred $43,500 of actual manufacturing overhead cost during the month and applied $42,600 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice O $6,000 $12,500 $13,700 O $7,700
GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24