Using the given information find the cost of direct material used: Ending inventory of raw materials OMR 1,000 Beginning inventory of raw materials OMR 1,500 Material used as indirect OMR 500 Purchase of materials OMR 2,000 a. OMR 5,000 O b. OMR 2,000 c. OMR 2,500 d. OMR 3,000

Using the given information find the cost of direct material used: Ending inventory of raw materials OMR 1,000 Beginning inventory of raw materials OMR 1,500 Material used as indirect OMR 500 Purchase of materials OMR 2,000 a. OMR 5,000 O b. OMR 2,000 c. OMR 2,500 d. OMR 3,000

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Using the given information find the cost
of direct material used:
Ending inventory of raw materials OMR 1,000
Beginning inventory of raw materials OMR
1,500
Material used as indirect OMR 500
Purchase of materials OMR 2,000
O a. OMR 5,000
b. OMR 2,000
O c. OMR 2,500
O d. OMR 3,000

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