elearn.squ.edu.omCompTime left 0:25:00Additional information for the year is as follows:Raw materials purchasesOMR 100,00ODirect laborOMR 75,00Manufacturing overhead appliedOMR85,000OMR80,000Manufacturing overhead ActualIndirect materialsOMRCompute the adjusted cost of goods sold.a.OMR 247,000b. None of the given answer is correctO c. OMR 258,000d. OMR 252,000O e. OMR 257,000CLEAR MY CHOICEII A elearn.squ.euCompTime left 0:25:14XYZ Co. has the following information:Inventory at 1stInventory at 31st DecJan 20202020Raw Materials InventoryOMR 20,000OMR35,000Work in ProcessInventoryOMROMR15,00018,000Finished GoodsOMR30,000OMRInventory20,000Additional information for the year is as follows:Raw materials purchasesOMR 100,000Direct laborOMR 75,000Manufacturing overhead appliedOMR 85,000Manufacturing overhead ActualOMR 80,000Indirect materialsOMR

When calculating the cost of goods sold, actual overheads should be taken as estimated overheads are…

Answered: Additional information II

Business

Accounting

Additional information II

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 7E: Using first-in, first-out perpetual inventory costing and the following information, determine the...

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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.
Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is
2.Determine the ending balance of raw materials inventory using FIFO-Periodic *
1 In. In. Z IMG_20210227_1.. -> Q/2:-The following balance appeared in the trial balance of Santana CO.as following :- Beginning raw materials inventory Ending raw materials inventory Work in process inventory in 1/1 Work in process inventory in 31/12 15 000 22 500 6 000 ৪ 400 Purchases of raw materials 90 000 Purchases commission 750 Import duties Freight- in Purchases return and allowance 450 300 2 100 Purchases discount 1050 Direct labor 25 200 Beginning finished goods inventory Ending finished goods inventory 21 000 29 100 Depreciation equipment 4 500 Depreciation machining Depreciation factory building Sales 750 1 500 135 000 Indirect materials 4 500 Indirect labor 2 100 Sales return and allowance 3 000 Sales discount 750 Oil and gas Water and electricity 3 600 1050 Ins :- 1- prepare manufacturing statement for the year ended in 31/12/2010 . 2-Prepare trading statement for the year ended in ( 2 5M) 31/12/2010. II
02/ The following data industrial company for materials (X) 1/2 Balance 1000 unit@10$ 1/5 Issued 500 unit 1/9 purchase S00 unit @12 1/10 purchase 1000 unit @14 25/11 Returen 200unit fram issued quantity 5/1 1/30 purchase 300 unit @15 R)prepare the cost of materials used and the cost assigned to the ending inventory using (LiFo, weighted averge method)
Prepare the necessary journal entrles from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases: Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead incurred and pald for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. C. e. f. g. What is the journal entry for transaction (c)? 45,600 a. Work In process Wages payable 45,600 b. 45,600 Wages expense Wages payable 45,600 Work in process inventory Wages expense Wages payable 33,100 12,500 45,600 Work in process inventory Manufacturing overhead Wages payable 33.100 12,500 d. 45-600
XYZ Co. has the following information: Inventory at 1st Jan 2020 Inventory at 31st Dec 2020 Raw Materials Inventory OMR 20,000 OMR 30,000 Work in Process Inventory OMR 18,000 OMR 15,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0 Compute the adjusted cost of goods sold.
Cullumber Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory O $1280000. O $750000. O $840000. O $1230000. Dec. 31, 2022 $390000 Save for Later 300000 190000 Dec. 31, 2021 $340000 160000 During 2022, $890000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) The total raw materials available for use during 2022 for Cullumber Company is 150000 Attempts: 0 of 1 used Submit Answer
The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the moving average costing method?a. P2,499.59b. P2,450.59c. P2,459.60d. P2,949.60
The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each  Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the FIFO costing method?a. P2,519.00b. P2,421.00c. P2,500.00d. P2,400.00
Inventory at 31st Dec 2020 Time left 1:- ut of Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold.
Answer the following: 1. Work in Process Inventory Turnover 2. Number of days to Process Inventory 3. Raw Materials Inventory Turnover 4. Number of days usage in Inventory