Bidiyah Sugar Factory had the following data: Jan. 1,2020 Dec. 31, 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 116,000 104,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is:

Bidiyah Sugar Factory had the following data: Jan. 1,2020 Dec. 31, 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 116,000 104,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…

A: Cost of goods manufactured: The cost of goods manufactured refers to the expenses incurred by the…

Q: The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw Materials…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: At the end of April 2022 PT Rajawali presented the company's cost data. Raw material inventory is…

A: Introduction Raw material consumed during the year is calculated by using the following formula Raw…

Q: Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $…

A: Direct materials are the materials or resources used in the production of a product that are…

Q: During the month of May, Bennett Manufacturing Company purchases $43,000 of raw materials. The…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: The cost data relating to units of production for the year ending 31st December 2020 are as follows:…

A: Material cost per unit = £60,00020,000 units = £ 3 per unit Subcontracted labour cost per unit =…

Q: Required information (The following information applies to the questions displayed below.) At the…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

Q: Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of…

A: Cost of goods manufactured means the cost incurred for manufacturing the finished product.

Q: per Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: hich of the following Answers below best fits in each black space? The ending balance of works in…

Q: Sprint Shoes Inc. had a beginning inventory of 9,250 units on January 1, 20X1. The costs associated…

A: LIFO, last in last out is method for accounting inventory. under LIFO method,cost of most recent…

Q: In September, Concord Company had the following financial statement amounts related to producing 330…

A: Net Profit ( Loss ) = Revenue - Expenses

Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Bidiyah Sugar Factory had the
following data:
Jan.
1,2020
Dec. 31, 2020
Raw materials inventory
OMR 80,000
OMR 64,000
Work in process inventory
116,000
104,000
Finished goods inventory
100,000
92,000
During 2020, the company
purchased OMR 1,450,000 of
materials, had a direct labor cost
of OMR 250,000, and
manufacturing overhead was OMR
160,000. The cost of goods sold is:
Select one:

Select one:
O a. 1,864,000
O b. 1,610,000
c. 1,684,000
O d. 1,872,000
e. None of the answers are
correct

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

ABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21 Direct materials (DM) P36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the March 2021 are as follows:DM purchased P84,000 Factory overhead per DLhour P10.00Freight-out 2,000 Selling expenses 15,000Direct Labor (DL) payroll 60,000 Administrative expenses 17,000DL rate per hour 7.50 For the month of March 2021, conversion cost was:A. P90,000B. P140,000C. P144,000D. P170,000
John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
22. Peter Company provided the following data for the year ended December 31, 2020: Raw materials purchases Total manufacturing costs Decrease in raw materials inventory Decrease in work in process inventory Increased in finished finished goods inventory45,000 Gross margin ratio Factory overhead is applied at 60% of direct labor. How much is the factory overhead cost incurred? P 80,000 220,000 4,000 20,000 40%
COGS?
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
Monty Corporation has the following cost records for June 2022. Indirect factory labor $4,500 Factory utilities $390 Direct materials used 19,600 Depreciation, factory equipment 1,370 Work in process, 6/1/22 2,940 Direct labor 39,200 Work in process, 6/30/22 3,720 Maintenance, factory equipment 1,760 Finished goods, 6/1/22 Finished goods, 6/30/22 4,900 Indirect materials 2,250 7,350 Factory manager's salary 2,940 (a) Prepare a cost of goods manufactured schedule for June 2022. MONTY CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 > > > $ $ $ $
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…