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Opening stock of Raw material is 180000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material 730000 OMR,Purchase returns is 10000 OMR and Closing stock of Raw material is 38000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR Calculate Raw material Used. a. 964,000 OMR b. 1,094,000 OMR c. 1,069,000 OMR d. 865,000 OMR

Opening stock of Raw material is 180000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material 730000 OMR,Purchase returns is 10000 OMR and Closing stock of Raw material is 38000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR Calculate Raw material Used. a. 964,000 OMR b. 1,094,000 OMR c. 1,069,000 OMR d. 865,000 OMR

FINANCIAL ACCOUNTING
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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Opening stock of Raw material is 180000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material 730000 OMR,Purchase returns is 10000 OMR and Closing stock of Raw material is 38000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR Calculate Raw material Used.
a.
964,000 OMR
b.
1,094,000 OMR
c.
1,069,000 OMR
d.
865,000 OMR
Expert Solution
Step 1

Raw material used in the business means how much cost of goods has been actually consumed in the business. 

Raw material consumed = Beginning raw materials + Raw material purchased - Ending raw materials

 

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