Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, 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:

Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, 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:

Name: Duqm Sugar Factory had the following data:Jan. 1, 2019Dec. 31, 2019Ra
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Description: Duqm Sugar Factory had the following data:Jan. 1, 2019Dec. 31, 2019Raw materials inventoryOMR 80,000OMR 64,000Work in process inventory104,000116,000Finished goods inventory100,00092,000During 2019, the company purchased OMR 1,450,000 of materials,

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Duqm Sugar Factory had the following data:
Jan. 1, 2019
Dec. 31, 2019
Raw materials inventory
OMR 80,000
OMR 64,000
Work in process inventory
104,000
116,000
Finished goods inventory
100,000
92,000
During 2019, 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:
O a. None of the answers are correct
O b. 1,864,000
Oc. 1,872,000
O d. 1,684,000
O e. 1,610,000
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ENG
08:35
INTL
25/05/2021

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