Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was Rs. 50,000 and at the end of the month was Rs. 40,000. The cost of goods manufactured for the month was Rs. 220,000. The actual manufacturing overhead cost incurred was 75,000 and the manufacturing overhead cost applied to Work in Process was Rs. 70,000. The adjusted cost of goods sold that would appear on the income statement for July is? Question Completion Status:2.3\45.6.7.8.10Moving to another question will save this response.« Question 2 of 10Question 21 pointsSave AhswetNizar Inc. has provided.the following data for the month of July. The balánce in the Finished Goods inventory account at the beginning of the month was Rs.50,000 and at the end of the month was Rs. 40,000. The cost of goods manufactured for the mónth was Rs. 220,000. The actual manufacturing overhead cost.incurred was 75,000 and the manufacturing overhead cost applied to Work in Process was Rs. 70,000. The adjusted cost of goods sold that would appear onthe income statement for July is?Question 2 of 10Moving to another question will save this response.

Particulars Amount ($) Beginning finished goods Inventory 50,000 Add : Cost of goods…

Answered: Nizar Inc. has provided the following…

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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Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was Rs. 50,000 and at the end of the month was Rs. 40,000. The cost of goods manufactured for the month was Rs. 220,000. The actual manufacturing overhead cost incurred was 75,000 and the manufacturing overhead cost applied to Work in Process was Rs. 70,000. The adjusted cost of goods sold that would appear on the income statement for July is?

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