ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor Factory maintenance Power and heat–factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 360000 OMR 200000 OMR 29000 OMR 18500 15 % of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 Work-in-process Finished goods Purchase returns of direct materials Depreciation-administrative Inventories, 31 December 2020: OMR 50000 OMR 75000 OMR 7400 OMR 13800 Material OMR 19000 Work-in process Finished goods Total Production Units OMR 32000 3000 Units 35000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.

ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor Factory maintenance Power and heat–factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 360000 OMR 200000 OMR 29000 OMR 18500 15 % of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 Work-in-process Finished goods Purchase returns of direct materials Depreciation-administrative Inventories, 31 December 2020: OMR 50000 OMR 75000 OMR 7400 OMR 13800 Material OMR 19000 Work-in process Finished goods Total Production Units OMR 32000 3000 Units 35000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.

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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Similar questions

What are the four steps in preparing a production cost report?
Standard cost are used primarily for: Estimating future costs. To produce financial statements for external users. To judge the performance of accounting managers. To judge the performance of managers involved in the manufacturing process.
1) The two basic types of cost accounting systems are a. job order and job accumulation systems. b. job order and process cost systems. C. process cost and batch systems. d. job order and batch systems.
The appropriate cost accounting system to use when inventory items are produced on an assembly line is a. perpetual method. b. job-order costing. c. weighted average. d. process costing.
As production takes place, all manufacturing costs are added to the: A. Manufacturing Overhead Account B. Cost of Goods Sold Account O C. Finished Goods Inventory D. Work in Process Inventory Account
Choose the three components of product cost from the list below. a) Indirect material, direct material and direct labour b) Direct labour, indirect labour and direct material c) Direct material, direct labour and production overhead d) Indirect labour, indirect material and production overhead
Q.3.4 Briefly discuss the following concepts. Your discussion should include reference as to how it is determined: Actual manufacturing overhead costs. Budgeted manufacturing overhead costs. Allocated or applied manufacturing overhead costs. ●