Prepare a cost sheet using the information bellow: Please answer briefly 1. Material: The material expenses for Al-MaraiCompany are as follows: -Raw materials: OMR 10,000 -Packaging materials:OMR 2,000 -Other materials: OMR 1,000 2.Labour: The labour expenses for Al-Marai Company are as follows: -Wages: OMR 7,000 -Benefits: OMR 1,000 - Overtime: OMR 1,000Overhead: The overhead expenses for Al-Marai Company are as follows: - Rent: OMR 3,000 - Utilities: OMR 1,000 -Maintenance: OMR 500 -Other:OMR 5003.The opening and closing of Al-Marai company's raw material, semi-finished goods and finished goods are as follows:Raw Material: The company's raw material inventory opened at OMR 5.5 million and closed at OMR 6.5 million.Semi-Finished Goods: The company's semifinished goods inventory opened at OMR 1.5million and closed at OMR 2.5 million.Finished Goods: The company's finished goods inventory opened at OMR 9.5 million and closed at OMR 11.5 million.ExplanationFinancial statements and annual report

Cost Sheet is a statement which includes all the expenses incurred in the production of a product.…

Answered: Prepare a cost sheet using the…

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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Prepare a cost sheet using the information bellow: Please answer briefly

1. Material: The material expenses for Al-Marai

Company are as follows: -

Raw materials: OMR 10,000 -Packaging materials:

OMR 2,000 -Other materials: OMR 1,000

2.Labour: The labour expenses for Al-Marai Company are as follows: -Wages: OMR 7,000 -

Benefits: OMR 1,000 - Overtime: OMR 1,000
Overhead: The overhead expenses for Al-Marai Company are as follows: - Rent: OMR 3,000 - Utilities: OMR 1,000 -Maintenance: OMR 500 -Other:OMR 500

3.The opening and closing of Al-Marai company's raw material, semi-finished goods and finished goods are as follows:

Raw Material: The company's raw material inventory opened at OMR 5.5 million and closed at OMR 6.5 million.

Semi-Finished Goods: The company's semifinished goods inventory opened at OMR 1.5

million and closed at OMR 2.5 million.

Finished Goods: The company's finished goods inventory opened at OMR 9.5 million and closed at OMR 11.5 million.

Explanation

Financial statements and annual report

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