ort answer problems : alculate the Raw Material Consumed from the following details: Rs. Raw Materials purchased Sale of Material scrap 80,000 1,000 Opening stock of Raw Materials Closing stock of Raw Materials 12,000 21,000
Q: Gammil company has beginning and ending raw materials inventories of $96,000 and $120,000,…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases…
A: Cost of goods manufactured = Opening WIP + Raw materials used + Direct Labor + Factory Overheads -…
Q: The following information is from the records of the Silver Company: Net direct materials purchase…
A: Formula: Ending inventory = Beginning inventory + Purchases - materials used
Q: Company XYZ has raw materials at the beginning of August of OMR150,000. During August, the company…
A: Raw materials inventory: Raw material inventories are the primary materials which are used in the…
Q: Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $…
A: Material refers to the item that is important for the manufacturing of a product and without which…
Q: Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000…
A: Inventory refers to the goods held by the business either for selling or for further production so…
Q: Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $…
A: Direct materials are the materials or resources used in the production of a product that are…
Q: Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company…
A: Cost: Cost can be defined as the cash and cash equivalent incurred against the products or its…
Q: 1. Ascertain the prime cost from the following : Rs. Direct wages 50,000 5,000 Chargeable expenses…
A: Direct material=Opening raw material+Purchases-Returns-Closing stock=Rs 10,000+Rs 60,000-Rs 1,500-Rs…
Q: The following informationn was taken from the records of Afternoon Co.…
A: Accounts Payable A/c To bank $20000 By Opening balance $29000 To closing…
Q: The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: 1. Ascertain the prime cost from the following: Rs. Direct wages 50,000 Chargeable expenses 5,000…
A: Prime Cost = Raw materials consumed + Direct wages + Direct Expenses
Q: Raw materials purchased $254,000 Beginning raw materials inventory 12,000 Ending raw materials…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw…
A: The term Cost of Goods Manufactured (COGM) refers to a schedule or statement that represents the…
Q: Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was…
A: The direct materials are those which are used in producing or manufacturing a product. Any cost of…
Q: Company XYZ has raw materials at the beginning of August of OMR200,000. During August, the company…
A: Balance of raw material at the end of august = Beginning of raw material + Purchased of raw material…
Q: Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product.
Q: Required: Cost of goods sold statement P1,100,000 6% of sales 2% of sales 300,000 240,000 Sales…
A: Raw materials are the direct materials that are used in the direct production of goods. The raw…
Q: 6. From the following information, prepare a cost sheet for period ended on 31" March 2021.…
A: Cost sheet is prepared to ascertain the total cost of goods manufactured and sold. WORKING NOTE.…
Q: Escudero Manufacturing Co. has provided you with the foll8Wing P 135,000 100,000 Raw materials…
A: Material purchased = P 135000 Opening material = P 100000 Closing material = P 175000 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: Following data relates to Zain & Co, Opening stock of raw material Rs 80,000, Opening stock of work…
A: 1. PRIME COST :- A Prime cost may be defined as the addition of raw material cost and Direct labor…
Q: Q.3. Dunkel Ltd. started a factory in Navi Mumbai on 1st April 2013. furnished about its activity…
A: Answer to question number 3 Only this question can be answered as complete and understandable…
Q: The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases…
A: Cost of goods manufactured = Opening WIP + Raw materials used + Direct Labor + Factory Overheads -…
Q: Additional information: i. Inventory of raw materials RM24,000; inventory of finished goods…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw…
A: Cost of goods manufactured in the business shows total costs incurred on the production and…
Q: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR…
A: Cost of goods sold shows actual costs incurred for total manufacturing costs with adjustment to…
Q: The following extract of costing information relates to commodity “A’ for the half year 31st…
A: Since you have asked multiple questions, we will answer the first full question for you. Kindly…
Q: All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods…
A: The question can be represented as follows
Q: Using the given information find the cost of direct material used: Ending inventory of raw materials…
A: Calculation of Direct Material Used
Q: The Information bellow has taken from Al Wafa company wages paid to labour OMR85,000, Purchases raw…
A: Correct answer is A OMR 328,000
Q: beginnlag inventories for the perlod arc: Raw Materlal Rs.10,000, Work in Process Ts.20,000…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Determine the cost of goods manufactured? (Answer in 3 decimal places. No long explanation needed.…
A: Solution.. Cost of goods manufactured = Beginning work in process inventory + cost of goods…
Q: Data are as follows: Beginning balance of RM is 12,000; Purchases of materials totaled 400,000; Raw…
A: The cost of goods manufactured incudes the direct costs and overhead applied cost.
Q: From the following details compute cost of goods manufactured, Cost of goods sold Rs.2,00,000,…
A: Formula: Cost of goods manufactured = Opening stock of finished goods + Cost of goods sold
Q: Question Description Tang Company accumulates the following data concerning raw materials in making…
A: Standard price is the predetermined price that is the value of the product, this price plays an…
Q: Short answer problems : - Calculate the Raw Material Consumed from the following details: Rs. 80,000…
A: Raw material consumption refers to the amount of materials (in terms of quantity) used or consumed…
Q: Ryan company recorded the following data pertaining to raw material Y during the current year.…
A: The inventory is the item in which firms deals in order to earn profit. The inventory on hand and…
Q: Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000…
A: Amount of raw materials used = Beginning raw material inventory + Material Purchased - Ending raw…
Q: Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was…
A: Formula: Cost of direct materials used = Beginning raw materials + purchases - Ending raw materials…
Q: 1. Answer the following questions by analysing the T-accounts given below, Materials Inventory Work…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…
A: Variable cost: It is the cost that changes with the change in the level of units produce. It…
Q: Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000…
A: Cost of goods manufactured is the total amount of cost incurred on manufacturing of goods. We are…
Q: Subject: Cost management & accounting QUESTION – 6** Following information relates to commodity…
A: A. Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to…
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- A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?14. You are given the following Company Information Company LFrom the point of origin Direct materials 120.000Purchases of direct materials 228000Direct labour costs 610000Direct cost initial cost 780000 The stock cost of direct materials is the amount?Raw Material Consumed is 25000 OMR, Prime cost is 338000 OMR, Cost of Production is 471800 OMR, cost of goods manufactured 485000 OMR Opening stock of work in progress is 27500, and closing stock of Work in progress is 14000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Calculate cost of goods available for sale Select one: a. None of These b. 450000 OMR c. 505000 OMR d. 605000 OMR
- Compute for the Economic order quantity, assuming the no of units of materials required annually 20,000 cost of placing the order P29.00, Annual Carrying cost of inventory P 5.4You are required to prepare a statement showing the working capital required to finance a level of activity of 18000 units from tile following information: Particulars Amount per unit (Rs.) Raw Materials 12 Direct Labour 3 Overheads 9 Total Cost 24 Profit 6 Selling Price 30 (a) Raw materials are in stock on an average for 2 months. (b) Materials are in process on an average for 1/2 a month. (3) Finished goods are in stock on an average for 2 months. (d) Credit allowed by creditors is 2 months. (e) Credit allowed to debtors is 3 months. (f) Lag in payment of wages is 1/2 a month. (g) Cash on hand and at bank is expected to be Rs. 7000.Capiz Company's 2020 manufacturing costs were as follows: Direct materials P70,000; Direct labor P50,000; Depreciation of manufacturing equipment P85,000; Depreciation of factory building P50,000; Janitor's wages for cleaning factory premises P15,000. How much of these costs should be inventoried using the throughput accounting? a.P 50,000 b.P 70,000 c.P120,000 d.P270,000
- ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Black Widow Company had the following costs for 2020: Raw materials P700,000 Direct labor P100,000 Miscellaneous FOH P80,000 Depreciation on machines P40,000 Rent for the factory building P50,000 Rent for dales office P30,000 Depreciation on store equipment P20,000 How much of those costs should be inventoried under absorption (A) and variable (V) costing methods? Select one: a. (A) P970,000; (V) P800,000 b. (A) P1,000,000; (V) P880,000 c. (A) P1,020,000; (V) P880,000 d. (A) P930,000; (V) P800,000A company is going to buy a new equipment for manufacturing itsproduct. Four different equipment’s are available; costs, operating and otherexpenses are as follows:Equipment A B C DFirst Cost Php 24,000 Php 30,000 Php 49,600 Php 52,000Power per year Php 1300 Php 1360 Php 2400 Php 2520Labor per year Php 10,600 Php 9320 Php 4200 Php 2700Maintenance/year Php 2800 Php 1900 Php1300 Php 700Taxes & Insurance 2% 2% 2% 2%Life; years 5 5 5 5 Money is worth 10% before taxes to the company. Which equipment shouldbe purchased ? Choose which method is applicable.
- 3) Calculate the Cost of Raw Materials Used using the below info: RM Beginning Inventory $ 50,000 RM Purchased $ 75,000 RM Available for Use ? RM Ending Inventory $ 25,000 Cost of Raw Materials Used ? 4) Using the Cost of Materials Used from Problem #3, calculate the Cost of Goods Manufactured: Raw Materials ? Direct Labor $ 75,000 MOH Applied $ 125,000 Cost of Goods Manufactured ?calculate prime cost from the following Stock of raw material on 1st January, 2020 Rs 40,000 Stock of raw materials on 31st march, 2020 Rs 60,000 Purchase of raw materials during the period Rs 1,50,000 Paid for direct labour Rs 30,000 Direct expenses Rs 4000 carriage inwards Rs 1000 carriage outwards Rs 2000.Conversion cost - br700,000 Direct material cost - 240,000 Factory overhead cost - 20% of total manufacturing cost Compute the amount of factory overhead cost, direct labor cost and prime cost