ABC Company has the following records for the period ended 31 December 2020. Material purchased OMR 140000 Purchase returns of raw materials OMR5000 Factory maintenance OMR 8500 Salary of office staff OMR 22400 Power and heat-factory OMR 4400 Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 6500 Purchase Expenses on raw material OMR 1000 Insurance expense-Office OMR 8000 Depreciation-Office building OMR 18000 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Raw Materials OMR 6000 Direct labor OMR 75000 Direct Expenses OMR 8000 Inventories, 31 December 2020: Raw Material OMR 9000 What is the Production Cost (Cost of production) for ABC Company?

ABC Company has the following records for the period ended 31 December 2020. Material purchased OMR 140000 Purchase returns of raw materials OMR5000 Factory maintenance OMR 8500 Salary of office staff OMR 22400 Power and heat-factory OMR 4400 Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 6500 Purchase Expenses on raw material OMR 1000 Insurance expense-Office OMR 8000 Depreciation-Office building OMR 18000 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Raw Materials OMR 6000 Direct labor OMR 75000 Direct Expenses OMR 8000 Inventories, 31 December 2020: Raw Material OMR 9000 What is the Production Cost (Cost of production) for ABC Company?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 5000 Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 5000O Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 650O Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 800O Inventories, 1 January 2020: Raw Materials OMR 600O Direct labor OMR 60000 Direct Expenses OMR 4000 Inventories, 31 December 2020: Raw Material OMR 8000 What is the Production Cost (Cost of production) for ABC Company?
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Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
The following information is available for the QRS Corporation for 2019: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 Advertising expense $ 296,400 Depreciation expense-office equipment 42,120 Depreciation expense-factory equipment 56,160 Direct labor 670,800 Heat, Light and Power-Factory…
In June Paul CableSource has the following transactions:Purchased $145666 of materials on accountIssued $130000 of material to productionIssued $3333 of supplies from materials inventoryDirect Labor of $69000 was charged to productionPaid $34000 for miscellaneous items for the manufacturing plantRecognized $25000 depreciation for the manufacturing plant.Applied manufacturing overhead for the plantAt beginning of the year management estimated Labor to be $5000000 and overhead to be $4500000.Management applies overhead based on total labor cost based on a predetermined rate using normalcosting beg bal end balMaterial Inventory ? 92000WIP ? 67000FG INV 13455 75644COGS 262100Show the t-accounts for Material, WIP, FG, Cogs, and Applied Overhead and Overhead Control. Is overhead under or overapplied and by how much? Fill in the above amounts for…
Based on the below information, compute the cost of goods manufactured for ABC Company: Beginning of 2020 End of ABC company Direct manufacturing labor Work-in-process inventory Repairs and maintenance on plant Purchases of direct materials Finished-goods inventory Indirect manufacturing labor Marketing, distribution, and customer-service costs 2020 20,000 22,000 21,000 3,000 70,000 18.000 23,000 16,000 108.000 Depreciation on plant, building, and equipment Direct materials inventory General and administrative costs Plant insurance 10,000 29.000 27.000 34,000 7,000 A) S124.000 B) S146.000 C) $125 000 D) $159.000