1. Al Marai Corporation has the following cost records for June 2019. OMR 4,500 20,000 Indirect factory labor Direct materials used Work in process, 6/1/19 Work in process, 6/30/19 Finished goods, 6/1/19 Finished goods, 6/30/19 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary 3,000 3,800 5,000 7,500 400 1,400 40,000 1,800 2,200 3,000 Instructions: Prepare a cost of goods manufactured schedule for June 2019.

1. Al Marai Corporation has the following cost records for June 2019. OMR 4,500 20,000 Indirect factory labor Direct materials used Work in process, 6/1/19 Work in process, 6/30/19 Finished goods, 6/1/19 Finished goods, 6/30/19 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary 3,000 3,800 5,000 7,500 400 1,400 40,000 1,800 2,200 3,000 Instructions: Prepare a cost of goods manufactured schedule for June 2019.

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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X Company, a manufacturer, incurred the following costs in 2021: Selling costs $5,802 Factory supervisor salary 4,575 Factory equipment 4,651 rental Advertising costs 4,294 Direct labor 5,809 Direct materials 5,276 Legal department 5,399 costs Factory supplies 5,200 Purchasing department costs 4,886 Miscellaneous 5,609 overhead What were total period costs in 2021?
Gensource Company provided the following information from its accounting records for 2021: Estimated production 60,000 labor hours Actual production 56,000 labor hours Estimated overhead $1,800,000 Actual overhead $1,740,000 How much is the predetermined overhead rate if the Company bases it on direct labor hours? Select one: O a. $29.00 per hour b. $32.14 per hour c. $30.00 per hour d. $31.07 per hour
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Mohave Corp. is considering eliminating a product from its Sand Trap line of beach umbrellas. This collection is aimed at people who spend time on the beach or have an outdoor patio near the beach. Two products, the Indigo and Verde umbrellas, have impressive sales. However, sales for the Azul model have been dismal. Mohave’s information related to the Sand Trap line is shown below. Segmented Income Statement for Mohave’s Sand Trap Beach Umbrella Products Indigo Verde Azul Total Sales revenue $ 60,000 $ 60,000 $ 30,000 $ 150,000 Variable costs 34,000 31,000 26,000 91,000 Contribution margin $ 26,000 $ 29,000 $ 4,000 $ 59,000 Less: Direct fixed costs 1,900 2,500 2,000 6,400 Segment margin $ 24,100 $ 26,500 $ 2,000 $ 52,600 Common fixed costs* 17,840 17,840 8,920 44,600 Net operating income (loss) $ 6,260 $ 8,660 $ (6,920 ) $ 8,000 *Allocated based on total…
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