The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases raw material OMR 210000 Purchase Return : OMR10000 Factory on cost 10% of prime cost Opening Closing stock (OMR) stock (OMR) Raw materials 50000 Work in 50000 40,000 progress The cost of good manufactured is Select one: O a. OMR 380000 O b. OMR 368000 O c. OMR 320000 d. None of the options

The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases raw material OMR 210000 Purchase Return : OMR10000 Factory on cost 10% of prime cost Opening Closing stock (OMR) stock (OMR) Raw materials 50000 Work in 50000 40,000 progress The cost of good manufactured is Select one: O a. OMR 380000 O b. OMR 368000 O c. OMR 320000 d. None of the options

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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Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
Unity University Final Exam for Management And Financial Accounting Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one unit of the product the company incurs the following costs: Direct material ______$5/kg Direct labor_________$10/hour Total Manufacturing overhead __________________$30000 The company produces a total of 10000 units per month. And the actual price the product is sold is around $24. Company XYZ offers to buy a total of 5000 units this month at the price of $ 17/unit. Would you accept the order if you are the manager? (assume 20% of the manufacturing overhead is variable cost). Describe the basic financial statements , their purpose and their importance to various internal and external users. Clearly discuss which users are most interested in which financial statement and why. Form question one above considering all the manufacturing costs are fixed calculate the Breakeven point both in unit and quantity using the…
Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…