XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 30,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 OMR 80,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR Indirect materials Compute the adjusted cost of goods sold. a. OMR 252,000 O b. OMR 257,000 O C. OMR 258,000

XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 30,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 OMR 80,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR Indirect materials Compute the adjusted cost of goods sold. a. OMR 252,000 O b. OMR 257,000 O C. OMR 258,000

Name: Time left 2:02:30XYZ Co. has the following information:Inventory at 1
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Time left 2:02:30XYZ Co. has the following information:Inventory at 1stInventory at 31st Dec 2020Jan 2020Raw Materials InventoryOMR 20,000OMR30,000Work in Process InventoryOMR 15,000OMR18,000Finished Goods InventoryOMR 30,000OMR20,000Additional info

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following information has been taken from the perpetual inventory system of Elite Mfg Co. for…

A: - The cost of goods manufactured is calculated by adding the value of the beginning work in process…

Q: McGown Corporation has the following information: Raw Materials Inventory Work in Process Inventory…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: Coronado Industries reported the following year-end information: Beginning work in process…

A: Coronado Industries Computation of raw material consumed : Raw material consumed = Beginning raw…

Q: 1 Raw Materials Used 2 Prime Cost 3 Conversion Cost

A: Calculation of Cost of Goods Purchased= Purchases - Purchase Return and Allowances + Freight In=…

Q: Compute the Cost of Goods Sold for 2019 using the following information: Direct Materials, Jan. 1,…

A: Cost of goods sold budget shows the expenses incurred for producing a product. Cost of goods sold is…

Q: III. Manufacturing Overhead Costs estimated 500,000 Direct Labor Hours estimated 50,000 Machine…

A: In This numerical has covered the concept of Manufacturing Overhead Cost. The Predetermined overhead…

Q: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1625900…

A: The cost of goods sold includes the cost of goods that are sold during the period. The ending…

Q: Carla Vista Company reported the following amounts for 2022: Raw materials purchased Beginning Raw…

A: Raw materials is the amount of materials used for production purpose. It can be direct or indirect…

Q: Ginobili Corp has the following information: Ending Beginning Inventory Inventory (12/31) Raw…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: The following information has been taken from the perpetual inventory system of Elite Mfg Co. for…

A: Calculating Ending Material as on August 31Ending material as of Aug 31 = beginning direct material…

Q: An enterprise had the following opening and closing inventory balances in 2021: 1/1/21 12/31/21…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Question 1 Wayland Manufacturing uses a normal cost system and had the following data available for…

A: Inventory management enables the business organizations to reduce inventory expenditures as the…

Q: XYZ Company recorded the following information, related to their inventory accounts for 2024: Direct…

A: The sum of direct materials and direct labor is called prime cost.Prime Cost = Direct material…

Q: Mender Inc. had the folowing hnformaton for the preceding year. Beginning Ending Inventory Inventory…

A: Total manufacturing costs = Direct material + direct labor + manufacturing overhead =…

Q: The following information is available for ABC Company for the year ended December 31: Beginning raw…

A: Direct Materials - Direct Materials are the raw material inventory used in the company. It includes…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Time left 2:02:30
XYZ Co. has the following information:
Inventory at 1st
Inventory at 31st Dec 2020
Jan 2020
Raw Materials Inventory
OMR 20,000
OMR
30,000
Work in Process Inventory
OMR 15,000
OMR
18,000
Finished Goods Inventory
OMR 30,000
OMR
20,000
Additional information for the year is as follows:
Raw materials purchases
OMR 100,000
F
OMR
75,000
Direct labor
OMR
80,000
Manufacturing overhead applied
OMR
85,000
Manufacturing overhead Actual
OMR
Indirect materials
Compute the adjusted cost of goods sold.
O a.
OMR 252,000
O b. OMR 257,000
O C.
OMR 258,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex
Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory August 31 $? Materials Work in Process Finished Goods The cost of finished goods manufactured $ 66,000 $ 50,000 in August is: August 1 $ 20,000 $ 47,500 $ 43,300 $ 61,000 $ 40,000 $ 15,000 $ 35,000
Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.For December,2022. CBA Company presented the following costs on processes: In December, under FIFO method, what is average unit cost of inventory transferred from Process 1 to Process 2? P13.20 P13.33 P13.32 P13.21
The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
Coronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted to
Using the information below, prepare a Cost of Production Report for CD Corporation's Packaging Department for May 2019 On May 1, 2019 the following were reported: Inventory In-Process-Packaging (5,500 units, 20% complete) Finished Goods (700 units at $7.25 a unit) 17,500 5,075 The following were charged to Work in Process- Packaging during May: Direct Materials transferred from Mixing 14,000 units @ $6.25 a unit. 87,500 Direct Labor 12,000 Factory Overhead 4,800 During May -15,500 units were transferred to finished goods and 13,700 units were sold. On May 30 Inventory was as follows Inventory in Process - Packaging: 4,000 units (40% complete) Finished Goods - 2,500 units
Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: Inventory accounts: Materials Work in Process Finished Goods Inventory Account: Materials Inventory Direct Labor The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows: Manufacturing Overhead Work in Process Inventory Finished Goods Inventory End of Year $ 126,000 109,000 325,000 Beginning of Year $ 222,000 75,000 238,000 Required A Required B Debit Entries $ 2,410,000 1,189,000 893,600 ? ? Credit Entries Required: a. Using these data, compute direct materials purchased, direct materials used, payments of direct labor payrolls, direct labor cost assigned to production, total manufacturing costs charged to the work in process inventory account during the year, the cost of finished goods manufactured, cost of goods sold, the total amount to be classified as…
Adelphia Manufacturing issued $70,000 of direct materials and $9,000 of indirect materials for production. Which of the following journal entries would correctly record the transaction? O A. Work-in- Process Inventory Raw Materials Inventory B. Manufacturing Overhead Raw Materials Inventory OC. Work-in - Process Inventory Manufacturing Overhead Raw Materials Inventory D. Raw Materials Inventory Finished Goods Inventory Work-in - Process Inventory 79,000 79,000 70,000 9,000 79,000 79,000 79,000 79,000 70,000 9,000
i want answers in all questions mention in below snap
Uramilaben