Oollowing account balances for the month ending August 31, unless otherwise note Direct Materials inventory (August1) Direct Materials inventory (August 31) Work-in-process inventory (August1) Work-in-process inventory (August 31) Finished goods inventory (August 1) Finished goods inventory (August 31) Direct materials purchased $ 150,250 125,600 $ 140,400 171,000 540,000 510,000 500,000 84,000 480,000 186,000 12,000 264,000 123,600 28,800 135,000 92,400 25,000 305,400 30,000 2,900,000 Indirect materials used Direct manufacturing labor Indirect manufacturing labor Salespersons' company vehicle costs Depreciation of manufacturing equipment Depreciation of office equipment Depreciation of plant building Miscellaneous plant overhead Plant utilities Accounts Receivable General office expenses Marketing distribution costs Revenues Required: Prepare the cost of goods manufactured schedule for the month of August.

Oollowing account balances for the month ending August 31, unless otherwise note Direct Materials inventory (August1) Direct Materials inventory (August 31) Work-in-process inventory (August1) Work-in-process inventory (August 31) Finished goods inventory (August 1) Finished goods inventory (August 31) Direct materials purchased $ 150,250 125,600 $ 140,400 171,000 540,000 510,000 500,000 84,000 480,000 186,000 12,000 264,000 123,600 28,800 135,000 92,400 25,000 305,400 30,000 2,900,000 Indirect materials used Direct manufacturing labor Indirect manufacturing labor Salespersons' company vehicle costs Depreciation of manufacturing equipment Depreciation of office equipment Depreciation of plant building Miscellaneous plant overhead Plant utilities Accounts Receivable General office expenses Marketing distribution costs Revenues Required: Prepare the cost of goods manufactured schedule for the month of August.

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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Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000, What is the cost of direct materials used? Select one: O a. OMR211,000 Ob. OMR114,000 O c. None of the answers given O d. OMR186,000
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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Inventory at 31st Dec 2020 Time left 1:- ut of Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold.