The accounting records of Omar Corporation contained the following information for last year: Beginning $ 9,000 Direct materials inventory Work in process inventory Finished goods inventory Direct materials used Overhead applied Direct labor cost (18,eee hours) Depreciation Rent Taxes $ 17,809 $ 18,000 Unadjusted cost of goods sold (does not include overapplied or underapplied overhead) Selling, General, and Administrative Costs Incurred $ 35,000 Advertising Rent $ 20,000 Clerical $ 25,000 The amount of direct material purchased during the year was Ending $ 7,000 $ 31,000 $ 15,000 Manufacturing Costs Incurred $ 72,000 $ 24,000 $ 80,000 $ 10,000 $ 12,000 $ 8,000 $ 157,000
The accounting records of Omar Corporation contained the following information for last year: Beginning $ 9,000 Direct materials inventory Work in process inventory Finished goods inventory Direct materials used Overhead applied Direct labor cost (18,eee hours) Depreciation Rent Taxes $ 17,809 $ 18,000 Unadjusted cost of goods sold (does not include overapplied or underapplied overhead) Selling, General, and Administrative Costs Incurred $ 35,000 Advertising Rent $ 20,000 Clerical $ 25,000 The amount of direct material purchased during the year was Ending $ 7,000 $ 31,000 $ 15,000 Manufacturing Costs Incurred $ 72,000 $ 24,000 $ 80,000 $ 10,000 $ 12,000 $ 8,000 $ 157,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:The accounting records of Omar Corporation contained the following information for last year.
Beginning
$ 9,000
$ 17,808
$ 10,000
Direct materials inventory
Work in process inventory
Finished goods inventory
Direct materials used
Overhead applied
Direct labor cost (10,000 hours)
Depreciation
Rent
Taxes
Unadjusted cost of goods sold (does not include
overapplied or underapplied overhead)
Selling, General, and
Administrative Costs
Incurred
$ 35,000
Advertising
Rent
$ 20,000
Clerical
$ 25,000
The amount of direct material purchased during the year was:
Ending
$ 7,000
$ 31,000
$ 15,000
Manufacturing
Costs Incurred
$ 72,000
$ 24,000
$ 80,000
$ 18,000
$ 12,000
$ 8,000
$ 157,000
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