A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR150,000; manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. 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. OMR158,800 b. OMR139,0001 a OMR154,300 d. None of the answers given

A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR150,000; manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. 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. OMR158,800 b. OMR139,0001 a OMR154,300 d. None of the answers given

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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The following information were taken from the accounting records of BLUE Corporation for the year ended December 31, 2021: Decrease in finished goods inventory - P700,250; Increase in raw materials inventory - P368,000; Freight out - 520,000; Factory overhead - 26,000,000; Direct labor - 24,000,000; Raw materials purchased - 28,600,000; Freight in - 2842,100. There was no work in process inventory at the beginning or at the end of the year. What is the cost of goods sold?
Fujita Company produces a single product. Costs accu mulated at the end of the period are as follows: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods.
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The following information were taken from the accounting records of BLUE Corporation for the year ended December 31, 2021: Decrease in finished goods inventory - 700,250; Increase in raw materials inventory - 368,000; Freight out - 520,000; Factory overhead - 6,000,000; Direct labor - 4,000,000: Raw materials purchased - 8,600,000; Freight in - 842,100. There was no work in process inventory at the beginning or at the end of the year WHAT IS THE COST OF GOODS SOLD
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What is the value of the ending Work-in-Process Inventory?