ABC Company has the following records for the periodended 31 December 2020.Raw Material purchasedOMR 125000Purchase returns of raw materialsOMR 5000Factory maintenanceOMR 3500Salary of office staffOMR 22400Power and heat-factoryOMR 5000Insurance expense-factoryOMR 3000Depreciation-factory builoOMR 6500and equipmentPurchase Expenses on raw materialOMR 2000Insurance expense-OfficeOMR 8000Inventories,1 January 2020: Raw MaterialsOMR 600QDirect laborOMR 600onDirect ExpensesOMR 4000Inventories, 31 December 2020: Raw MaterialOMR 8000What is the Production Cost (Cost of production) forABC Company?

The company's income statement is prepared for arriving at the profits generated by the 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 5000 Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 5000 Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 6500 Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 8000 Inventories, 1 January 2020: Raw Materials OMR 6000 Direct tabor 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 5000 Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 5000 Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 6500 Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 8000 Inventories, 1 January 2020: Raw Materials OMR 6000 Direct tabor 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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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?
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
ABC Company has the following records for the period ended 31 December 2020. OMR 130000 Raw Material purchased OMR 8000 Purchase returns of raw materials OMR 6000 Factory maintenance OMR 16400 Salary of office staff OMR 10000 Power and heat-factory Insurance expense-factory OMR 5000 Depreciation-factory building and equipment OMR 9000 Purchase Expenses on raw material OMR 4000 Insurance expense-Office OMR 8000 Inventories, 1 January 2020: Raw Materials 5000 OMR Direct labor OMR 70000 Direct Expenses OMR 5000 Inventories, 31 December 2020: Raw Material 8000 OMR What is the Production Cost (Cost of production) for ABC Company? Select one: a. OMR 228000 O b. OMR 216000 c. OMR 232000 d. OMR 224000
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.
Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000 $ 74000 Work in process inventory 114000 126000 Finished goods inventory 100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000
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?
Question 2: Mirbat Company has the following information for the period ended 31 December 2020. OMR 380000 OMR 210000 Direct material purchases Direct labor OMR 28000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process OMR 51200 Finished goods OMR 77000 Purchase returns of direct materials OMR 3400 Depreciationadministrative OMR 11800 Inventories, 31 December 2020: Material OMR 18000 Work-in process OMR 35000 Finished goods 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 IL Calculate unit production cost.
Question 2: Mirbat Company has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance 28000 OMR Power and heat-factory 14500 OMR Direct Expenses prime cost Indirect factory labor 23000 10 % of the OMR Freight In 6500 OMR OMR Depreciation - Factory 24800 Advertisement expenses OMR 4500 Inventories, 1 January 2020: Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials 3400 OMR Depreciation-administrative 11800 OMR Inventories, 31 December 2020: 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 taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…
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…
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000| Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses OMR 29000 OMR 18500 15 % of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process Finished goods OMR 50000 OMR 75000 Purchase returns of direct materials OMR 7400 |Depreciation-administrative OMR 13800 Inventories, 31 December 2020: Material OMR 19000 Work-in process OMR 32000 Finished goods 3000 Units Total Production 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.