A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR200,000; 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 indludes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing oveghead 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 OMR131,800 O b. OMR213,700 Oc None of the answers given O d. OMR89,000 O e. OMR136,300
A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR200,000; 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 indludes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing oveghead 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 OMR131,800 O b. OMR213,700 Oc None of the answers given O d. OMR89,000 O e. OMR136,300
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...
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Question
![A manufacturing company has the following balances at the end of its first year's operations:
Sales OMR350,000; actual manufacturing overhead OMR200,000; 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 indludes overhead applied
of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory
overhead. The company closes year-end manufacturing oveghead 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 OMR131,800
O b. OMR213,700
Oc None of the answers given
O d. OMR89,000
O e. OMR136,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F690b93c1-a36f-4ba6-8aab-a0d4b7e86b05%2Faee07ad6-d90a-4fbc-864f-d7977b66b274%2Flww5qqb_processed.png&w=3840&q=75)
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 OMR200,000; 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 indludes overhead applied
of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory
overhead. The company closes year-end manufacturing oveghead 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 OMR131,800
O b. OMR213,700
Oc None of the answers given
O d. OMR89,000
O e. OMR136,300
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