Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR

Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

uols A moodle1.du.edu.om
Prime cost is 236000 OMR, and cost of
production for the year is 355000 OMR
Opening stock of work in progress is 4000,
and closing stock of Work in progress is
5000 OMR, Opening stock of finished
goods is 20000, and closing stock of
finished goods is 13750 OMR, Cost of
goods manufactured 358500 OMR
Calculate cost of goods available for sale
Select one:
a. None of these
O b. 395000 OMR
O c. 385500 OMR
O d. 378500 OMR
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