XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct Ob. Cost of Goods Sold to be overstated by OMR 12,000 for the year. Oc. Work in Process to be understated by OMR 12,000 at year end. Od. Finished Goods to be overstated by OMR 12,000 at the end of the year. e.. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.

XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct Ob. Cost of Goods Sold to be overstated by OMR 12,000 for the year. Oc. Work in Process to be understated by OMR 12,000 at year end. Od. Finished Goods to be overstated by OMR 12,000 at the end of the year. e.. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.

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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