XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR390,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. None of the answers given Ob. OMR50,000 Oc.OMR55,000 Od. OMR65,000 OMR75 00

XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR390,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. None of the answers given Ob. OMR50,000 Oc.OMR55,000 Od. OMR65,000 OMR75 00

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 1CP

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XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR470,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: a. OMR130,000 b. OMR145,000 C None of the answers glven d OMR135,000 e. MR155,000
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR410,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: a. None of the answers given O b. OMR70,000 Oc. OMR85,000 O d. OMR95,000 O e. OMR75,000
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue ÖMR390,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. OMR75,000 O b. OMR50,000 O c. OMR65,000 O d. None of the answers given O e. OMR55,000 Company XYZ produced and sold 6,000 units. The selling price per unit was OMR10. The variable manufacturing cost per unit was OMR5. The variable selling and administrative expenses per unit was OMR4. The total fixed expenses were OMR2,000. Calculate the total contribution margin. 18
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMRA70,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. OMR130,000 O b. OMR145,000 O C. None of the answers given O d. OMR135,000 e. OMR155,000
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,0003; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000 The correct answer is: OMR95,000