A manutacturing company shows the following amounts in the cost statement and the statement of comprehensive income for the year 2019 January 1. 2019 December 31.2019 P 150,000 87,000 P 100,000 Materiais Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019

A manutacturing company shows the following amounts in the cost statement and the statement of comprehensive income for the year 2019 January 1. 2019 December 31.2019 P 150,000 87,000 P 100,000 Materiais Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 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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Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods manufactured is: Select one: O a. 1,864,000 Ob. 1,684,000 O c. 410,000 O d. 1,610,000 e. None of the answers are correct ENG 08:31 INTL 25/05/20.
Muscat Corporation has the following cost records for June 2019. Indirect factory labor OMR 4,500 Factory utilities OMR 400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/19 3,000 Direct labor 40,000 Work in process, 6/30/19 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/19 5,000 Indirect materials 2,200 Finished goods, 6/30/19 7,500 Factory manager's salary 3,000 Office utilities 1,000 Office supplies 2,500 What is the Manufacturing overhead for June 2019.
Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December,2022. Company presented the following costs on processes: In December, under FIFO method, what is average unit cost of inventory transferred from Process 2 to Process 3? P24.56 P25.03 P25.22 P24.76
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Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods manufactured is: Select one: a. 1,684,000 b. 1,610,000 Oc. 1,864,000 O d. 410,000 Oe. None of the answers are correct
Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: Oa. None of the answers are correct O b. 1,684,000 O c. 1,610,000 Od. 1,872,000 O e. 1,864,000
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REQUIRED: Prepare a cost of goods manufactured schedule for Simple plus Manufacturing Company for 2019. a. prime cost b. factory overhead
Prepare the Cost Statement for the year end February 2023 that shows the cost of goods manufactured and cost of sale using the the information provided
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