17649928cmid 8751838pages6wo ahttps//altemativet4 SQUCOFFEE - Goog. B BCOM2911-Busines. D Sultan Caboos Univ. G Trading Platform C.MIC)E-LEARNING SERVICES SQU LIBRARIES -Accounting CSQU PORTAL ATTENDANCEgerial Accounting - Spring21murses / ACCT2121_yasserg Spring21 / Midterm Exam One / Midterm Exam OneTime left 1:51:50A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company'sproduction costs for the year were: direct labor, $80,000; direct materials, $40,000; and factory overhead applied $20,000. Thepredetermined overhead rate was:O a. 4%.O b. 50%.Oc 200%.O d. 25%.O e. 400.%.XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the directmaterials, direct labor, and manufacturing overhead applied listed below are all for the current month.Work InFinished GoodsCost of Goods SoldProcessOMR 8,450 OMR61,880Direct materialsOMR 3,440OMR 16,250OMR 119,000Direct laborOMR 6,16045,000OMR 6,050 OMRManufacturingoverhead appliedOMR 3,300Manufacturing overheadfor the month was underannlied hy OMR7000ACCT2121G. general-chatO Origin attempt=17649928cmid38751838page=6صفحتي الوليسيةa https//alternativetSQUCOFFEE - Goog A BCOM2911-BusinesO Sultan Qaboos Univ..ADEMIC)G Trading Platform[C O Accounting ClubE-LEARNING SERVICES - SQU LIBRARIES SQU PORTAL ATTENDANCEonTime lert 1:51:30XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the directmaterials, direct labor, and manufacturing overhead applied listed below are all for the current month.Work InofProcessFinished GoodsCost of Goods SoldDirect materialsOMR 3,440OMR 8,450 OMR 61,880Direct laborOMR 6,160OMR 16,2500MRFim119,000Manufacturingoverhead appliedOMR 3,300OMR 6,050 OMR45,000Manufacturing overhead for the month was underapplied by OMR 7,000.The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost ofgoods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is (roundedto nearest OMR):O a OMR 220,720O b. OMR 232.293OC None of the given answer is correctO d. OMR 231.676Oe OMR 220,084NEXT PAGEACCT2121IOUS PAGEG"general-chatO Originee

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The correct answer is Option b. 50%

Business

Accounting

A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $80,000; direct materials, $40,000; and factory overhead applied $20,000. The predetermined overhead rate was: O a. 4%. O b. 50%. O. 200%. O d. 25%. O e. 400.%.

A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $80,000; direct materials, $40,000; and factory overhead applied $20,000. The predetermined overhead rate was: O a. 4%. O b. 50%. O. 200%. O d. 25%. O e. 400.%.

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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