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 393,000 Oc. OMR363,000 O d. OMR 383,000 O e. OMR 418,000 NEXT PAGE

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 393,000 Oc. OMR363,000 O d. OMR 383,000 O e. OMR 418,000 NEXT PAGE

Name: XYZ Company had the following information for the year:Direct materia
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: XYZ Company had the following information for the year:Direct materials usedOMR 110,000Direct labor incurred (5,000 hours)OMR 150,000Actual manufacturing overhead incurredOMR 166,000The Company used a predetermined overhead rate of OMR 30 per direct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What are the prime costs for the year?What are the prime costs for the year?
Huda Corporation’s accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition.
Fujita Company produces a single product. Costs accu mulated at the end of the period are as follows: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods.
At the end of their fiscal year Western Industries Ltd. reported the following selected, unadjusted balances:Raw Materials Inventory - $6,000Work in Process Inventory - $62,250Finished Goods Inventory - $74,700Cost of Goods Sold - $278,050Manufacturing Overhead - $2,850 creditWestern Industries uses the proration method to eliminate any balance in Manufacturing Overhead. Which of the following is the correct journal entry to eliminate the balance in Manufacturing Overhead? Select answer from the options below Manufacturing Overhead 2,850.00 Raw Materials Inventory 80.00 Work in Process Inventory 415.00 Finished Goods Inventory 499.00 Cost of Goods Sold 1,856.00 Work in Process Inventory 427.50 Finished Goods Inventory 513.00 Cost of Goods Sold 1.909.50 Manufacturing Overhead 2,850.00 Manufacturing Overhead 2,850.00 Finished Goods Inventory 603.50 Cost of Goods Sold 2,246.50 Manufacturing Overhead 2,850.00 Work in…
The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. The predetermined overhead rate was computed from the following data: Total estimated factory overhead $2,400,000 Total estimated direct labour cost $2,000,000 The WIP account given below relates to the activities for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used 123,000 Additional data: ▪ Total material requisitioned ………………………………… $153,000 ▪ Manufacturing Labour Costs incurred …………………. $163,500 (75% represents direct labour) ▪ Other manufacturing overheads incurred …………... $94,275 ▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a margin of 33 1/3% on sales.
Bonita Company produced 10,200 units during the past year but sold only 8,700 of the units. The following additional information is also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $88,740 34,170 22,440 46,410 (a) 69,400 10,200 There was no work in process inventory at the beginning of the year. Bonita did not have any beginning finished goods inventory either. Calculate Bonita Company's finished goods inventory cost on December 31 under variable costing. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.)
1. Cost of raw materials $132,000 2. Indirect materials $31,000 3. Indirect labor cost $19,000 4. Cost of goods manufactured $503,000 5. Unadjusted cost of goods sold $477,500 Questions: 1.If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 2. Was manufacturing overhead underapplied or overapplied? By how much? 3. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
Tammy's Cosmetics uses a normal costing system and has the following balances at the end of its first years operations. WIP Inventory - $231,000; Finished-goods inventory - $198,000; Cost of goods sold - $396,000; Actual factory overhead - $416,000; Factory overhead applied - $456,000. Compute cost of goods sold for two different was to dispose of the year-end overhead balances. By how much would gross profit differ?
1. The following information was taken from the books of BN Co. there was no work in process at the beginning or end of the year. The cost of goods sold for the year is? And the cost of goods manufactured for the year is? Cost of goods sold = Cost of goods manufactured = Increase in raw materials inventory 30000 Increase in finished goods inventory 70000 Raw materials purchased 860000 Direct labor payroll 400000 Factory overhead 600000 2. The total manufacturing cost is 150000, the direct labor is 50000, and the direct materials consumed is 60000. There is no beginning and ending work in process. The cost of goods manufactured is? Cost of goods manufactured = 3. ME Manufacturing had no beginning inventories. During the period, its completed production was 50000 units of which 10% was unsold. There were no ending inventories of materials or work in process. Materials purchased and used were 215000, direct labor and manufacturing overhead were 160000.…
Please do not give solution in image format
The related data of Mireia Company: Cost of goods sold P1,687,800 Estimated overhead cost 2,000,000 Estimated direct labor hours 100,000 Actual overhead cost 1,789,300 Actual direct labor hours 87,100 Factory overhead is based on direct labor hours. How much is the adjusted cost of goods sold?
Fast solve plz