Time left XYZ Company had the following information for the year: Direct materials used OMR 110,00O Direct labor incurred (4,000 hours) OMR 150,000O Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is anending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 383,000 O b. OMR 418,000 Oc OMR363,000 O d. None of the given answer is correct e. OMR 393,000
Time left XYZ Company had the following information for the year: Direct materials used OMR 110,00O Direct labor incurred (4,000 hours) OMR 150,000O Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is anending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 383,000 O b. OMR 418,000 Oc OMR363,000 O d. None of the given answer is correct e. OMR 393,000
Chapter1: Financial Statements And Business Decisions
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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:Time left 1:54 1
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 166,000
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 Inventory balance of OMR 17,000. What was cost of goods
manufactured?
O a. OMR 383,000
O b. OMR 418,000
Oc OMR 363,000
O d. None of the given answer is correct
O e.
OMR 393,000
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