EXYZ Company had the following information for the year 110,000 OMR Direct materials used 150,000 OMR Direct labor incurred (4,000 hours) 166,000 OMR Actual manufacturing overhead incurred The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 217,000. What was cost of goods manufactured OMR 393,000 .a O OMR 418,00o bO OMR 363.00o .c O None of the given answer is correct .d OMR 383,000 .e

EXYZ Company had the following information for the year 110,000 OMR Direct materials used 150,000 OMR Direct labor incurred (4,000 hours) 166,000 OMR Actual manufacturing overhead incurred The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 217,000. What was cost of goods manufactured OMR 393,000 .a O OMR 418,00o bO OMR 363.00o .c O None of the given answer is correct .d OMR 383,000 .e

Name: 154:53EXYZ Company had the following information for the year110,000
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Description: 154:53EXYZ Company had the following information for the year110,000 OMRDirect materials used150,000 OMRDirect labor incurred (4,000 hours)166,000 OMRActual manufacturing overhead incurredThe Company used a predetermined overhead rate of OMR 35 per

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending $ 31,000 $ 27,000 ? Raw materials. Work in process Finished goods Beginning $ 55,000 ? $ 34,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule…