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A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000%3; manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS1,300 Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129,000 Ob. OMR195.700 Oc None of the answers given O d. OMR154,300 Oe. OMR149 800

A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000%3; manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS1,300 Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129,000 Ob. OMR195.700 Oc None of the answers given O d. OMR154,300 Oe. OMR149 800

FINANCIAL ACCOUNTING
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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A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000; manufacturing overhead applied OMR114,000: unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS1,300. Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129,000 O b. OMR195.700 Oc. None of the answers given O d. OMR154,300 e. OMR149,800
Transcribed Image Text:A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000; manufacturing overhead applied OMR114,000: unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS1,300. Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129,000 O b. OMR195.700 Oc. None of the answers given O d. OMR154,300 e. OMR149,800
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