Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, OMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020? Select one: O a. OMR 2,100,000. O b. OMR 2,060,000. O c. None of the answers are correct Od. OMR 2,110,000. O e. OMR 2,020,000.
Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, OMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020? Select one: O a. OMR 2,100,000. O b. OMR 2,060,000. O c. None of the answers are correct Od. OMR 2,110,000. O e. OMR 2,020,000.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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![Muscat Company's accounting records reflect the following inventories:
Dec. 31, 2020,
Jan. 1, 2020
Raw materials inventory
OMR 310,000
OMR 300,000
Work in process inventory
300,000
160,000
Finished goods inventory
190,000
150,000
During 2020, COMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing
overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020?
Select one:
O a. OMR 2,100,000.
Ob. OMR 2,060,000.
O c. None of the answers are correct
O d. OMR 2,110,000.
O e. OMR 2,020,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4065701-2636-4bb6-ac2f-3e61de2d6afb%2F6f957445-4b8d-40c0-94d7-28647ad49571%2Fcsdtg96_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Muscat Company's accounting records reflect the following inventories:
Dec. 31, 2020,
Jan. 1, 2020
Raw materials inventory
OMR 310,000
OMR 300,000
Work in process inventory
300,000
160,000
Finished goods inventory
190,000
150,000
During 2020, COMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing
overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020?
Select one:
O a. OMR 2,100,000.
Ob. OMR 2,060,000.
O c. None of the answers are correct
O d. OMR 2,110,000.
O e. OMR 2,020,000.
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