Time left 1: XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct O b. OMR 383,000 O c. OMR 418,000 O d. OMR 363,000 O e. OMR 393,000 W

Time left 1: XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct O b. OMR 383,000 O c. OMR 418,000 O d. OMR 363,000 O e. OMR 393,000 W

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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Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: $819,700 221,300 73,800 30,300 13,900 418,000 904,900 30,300 Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
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A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000 manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These bala are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129.000 Ob. OMR195.700 Oc None of the answers given
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000O The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Irentory balance of OMR 17,000. What was cost of goods manufactured? a. OMR 383,000 O b. OMR 418,000 Ос. OMR 363,000 d. OMR 393,000 е. None of the given answer is correct
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N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000
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The following information relates to NBV for the year ended 31 July 20X3. $'000 Direct materials 160 Direct labour 200 Prime cost 360 Carriage outwards 880 Depreciation of delivery vehicles 30 Factory indirect overheads 450 Increase in work-in-progress inventory 75 Decrease in inventory of finished goods 55 What should be the factory cost of goods completed for the year ended 31 July 20X3? ...............................
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