ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 500O Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 500O Insurance expense-factory OMR 300O Depreciation-factory building and equipment OMR 650O Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 8000 Inventories, 1 January 2020: Raw Materials OMR 6000 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?
ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 500O Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 500O Insurance expense-factory OMR 300O Depreciation-factory building and equipment OMR 650O Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 8000 Inventories, 1 January 2020: Raw Materials OMR 6000 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea7c635c-466c-42f5-b712-8ade7b8cc479%2F94eeb2d7-a62c-485f-99b0-c80250ca1b1b%2Fpq7tieo_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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