Q.4. The following data were taken from the records of Al Nada Manufacturing Company for the year ended December Factory Depreciation Factory Insurance Factory Utilities Office Utilities Net Sales 2020. (Amounts are given in OMR) 15,000 4,600 27,600 8,650 554,000 4,200 96,400 1,400 Salesman's Salary Raw Materials Used Office Repairs Office Manager's Salary Direct Labor Indirect Labor Office Property Taxes 29,000 159,250 25,460 9,600 Work in process inventory was OMR 18,900 at January 1 and OMR 18,600 at December 31. Finished goods inventory was OMR 95,900 on January 1 and OMR 96,000 on December 31. Instructions: (i) Compute the cost of goods sold. (ii) What is the difference between a merchandiser's balance sheet and a manufacturer's balance sheet.

Q.4. The following data were taken from the records of Al Nada Manufacturing Company for the year ended December Factory Depreciation Factory Insurance Factory Utilities Office Utilities Net Sales 2020. (Amounts are given in OMR) 15,000 4,600 27,600 8,650 554,000 4,200 96,400 1,400 Salesman's Salary Raw Materials Used Office Repairs Office Manager's Salary Direct Labor Indirect Labor Office Property Taxes 29,000 159,250 25,460 9,600 Work in process inventory was OMR 18,900 at January 1 and OMR 18,600 at December 31. Finished goods inventory was OMR 95,900 on January 1 and OMR 96,000 on December 31. Instructions: (i) Compute the cost of goods sold. (ii) What is the difference between a merchandiser's balance sheet and a manufacturer's balance sheet.

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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JOURNAL ENTRY
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