Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: O a. OMR211,000 O b. OMR114,000 O c. None of the answers given O d. OMR186,000

Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: O a. OMR211,000 O b. OMR114,000 O c. None of the answers given O d. OMR186,000

Name: Beginning raw materials inventory was OMR90,000. During the month, OM
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials waspurchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost ofindirect materials used during the month was OMR

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

Choose the correct letter of answer The accounting records of Abalos Company revealed the following information: Raw materials used, P500,000; labor cost, 50% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 20% of labor cost. The total product cost is equivalent to: a. P1,000,000b. P 900,000c. P 750,000d. P650,000
For each of the following independent cases (1 to 4), compute the missing values. (Enter all amounts as positive values.) Case 1 Case 2 Case 3 Case 4 Beginning raw material $7,000 $16,000 $55,000 Raw materials purchases Indirect materials issued Ending raw materials 63,000 24,500 33,312 1,400 2,000 1,200 1,000 2,800 4,500 46,750 Direct materials used 27,000 26,976 Direct labor 40,600 61,625 Manufacturing overhead applied 72,800 80,700 24,864 270,865 Total current manufacturing costs 151,200 74,320 Beginning work in process 57,400 65,200 51,260 Ending work in process 33,000 118,050 Cost of goods manufactured 194,600 159,600 71,380 412,950 Beginning finished goods 100,800 41,520 Ending finished goods 112,000 60.200 198,600 Cost of goods sold 142,000 90,700 419,700
CGAA adapted) 4. Idcome statement. Crowley, Inc., submits the following data for September: Direct labor cost, $30.000. Cost of goods sold, $111,000. Factory overhead is applied at the rate of 150% of direct labor cost. Inventory accounts showed these beginning and ending balances: Finished goods. Work in process. Materials... SEPTEMBER 1 SEPTEMBER 30 $17,500 13,000 7,400 $15,000 9,600 7,000 .... Other data: Marketing expenses General and administrative expenses.. Sales for the month $ 14,100 22,900 182,000 Required: An income statement with schedule showing cost of goods manufactured and sold.
Required: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct material
The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
Direct materials purchased during the period cost $28,000, and there was an ending direct materials inventory of $4,000. If the beginning direct materials inventory was 20% of the cost of direct materials used in the production process, what was the cost of direct materials used in production for the period? a) $20,000 b) $40,000 c) $30,000 d) none of the above
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
Manufacturing costs: Direct materials: Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234). Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale January 1 (Beginning) ($000) $ 712 Cost of goods sold December 31 (Ending) ($000) $784 1,330 264 1,154 139 BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
Q4. The following standards have been established for a raw material used to make the product: 4.5 pounds Standard quantity of the material per unit of output Standard price of the material The following data pertain to a recent month's operations: $13.90 per pound Actual material purchased Actual cost of material purchased Actual material used in production Actual output produced 2000 pounds $26200 1300 pounds 220 units 3.3 hours per unit $10.50 per hour 1100 hours Standard direct labor-hours Standard direct labor wage rate Actual direct labor-hours worked Actual direct labor wages paid $11385 a) What is the materials price variance for the month? b) What is the materials quantity variance for the month? c) What was the labor rate variance for the month? d) What was the labor efficiency variance for the month? e) Discuss the concept of 'Management by exception'.
Company XYZ has raw materials at the beginning of August of OMR400,000. During August, the company purchased additional raw materials of OMR30,000. During August also, the company used OMR300,000 raw materials; OMR150,000 directly on the production process and OMR150,000 related to maintenance of administrative cars. How much balance in the raw 0.8 ?materials by the end of August اخترأحد الخيارات a. None of the given answers b. OMR250,000 C. OMR130,000 O d. OMR430,000 e. OMR280,000 O Clear my choice
For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased $78,300 of direct materials during June. Beginning direct materials inventory was $2,500, and direct materials used in production were $73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of $5.90 each. The beginning inventory of finished goods was $3,422. (The average unit cost was $5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was $116,000, and ending WIP was $117,300. If totalmanufacturing costs were $349,000, what was the cost of goods manufactured?4. If the conversion cost is $84 per unit, the prime cost is $55, and the manufacturing cost per unit is $105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were $412,000. Prime cost was $64,000, and beginning WIP was $76,000. The cost of goods…
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.