pening stock of work in progress is 12000, and closing stock of Work in progress is 13500 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 16000 OMR, Cost of goods manufactured 958000 OMR Calculate cost of Goods Sold a. 999000 OMR b. None of these c. 969600 OMR d. 962000 OM
Q: APOL Company provided the following information related to the ending inventory of its Product X:…
A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…
Q: 9. The balance of work in process inventory account as of December 31, of the current year of…
A: Balance of WIP = P480,000 Selling price = P450,000 Cost of completion = P10,000 Cost to sell =…
Q: APOL Company provided the following information related to the ending inventory of its Product X:…
A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…
Q: . Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning x = beginning inventory x 40% = 22500 x 40% = 9000 units
Q: The following is data relative to 12/31/21 inventory Item Original Cost Replacement End Inv Per unit…
A: Market value is the middle of the following: Ceiling= NRV Floor= NRV - profit margin Replacement…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925
Q: Arko Manufacturing Co. purchased 10,500 lbs. of materials XY at P2 per lb. and incurred freight cost…
A: Discount on payment = Purchases x discount rate = (10,500 lbs. x P2 per lb) x 2% = P21,000 x 2% =…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: FIFO is the method whereby the units bought at first are to be sold off first.
Q: Opening stock of Raw material is 280000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material…
A: Prime cost = opening stock of raw materials + purchase of raw materials - purchase returns - closing…
Q: The opening and closing inventories of a manufacturing business are GH₵ 22,000 and GH₵ 36,000…
A: Unrealized profits are the excess amount charged on the cost of goods. It is calculated on the…
Q: pening stock of work in progress is 22000, and closing stock of Work in progress is 23750 OMR, Cost…
A: Cost of goods sold can be computed as = Cost of goods manufactured + Opening stock of finished…
Q: Opening stock of Raw material is 90000 OMR, Freight Inwards 10000 OMR, Purchases of Raw material…
A: Raw material used is the actual cost of materials that is being used for manufacturing. It includes…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925
Q: BEBE Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925
Q: 2)Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2013. If…
A: Financial statements are statements which states the business activities performed by the company .…
Q: 2. The company began its operation in 20X1. At the end of 20X1, the cost of inventory was…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Weighted average method: Unit cost or conversion = Total Conversion cost / Conversion units
Q: Calculate Prime cost.
A: In a manufacturing process, there are many activities carried out continuously for reaching the…
Q: Opening stock of Raw material is 280000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Opening stock of work in progress is 12000, and closing stock of Work in progress is 11750 OMR,…
A: Cost of Goods Sold = Opening stock of finished goods + Cost of goods manufactured - Closing stock of…
Q: Opening stock of Raw material is 280000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material…
A: Prime cost means the cost which is incurred for direct material consumed , direct wages and direct…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Weighted average method: Unit cost of conversion cost = Total conversion cost / EUP
Q: be Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: The per-unit cost can be calculated by dividing the total cost by the equivalent unit of production.
Q: Given: The Company showed a net loss of P140,600 with Cost of Goods Sold of P546,900 which is 60% of…
A: Formulas: Total expenses = Net Loss + Gross profit where, Gross profit = Sales - Cost of goods sold
Q: Opening stock of Raw material is 190000 OMR, Freight Inwards 5000 OMR, custom duty on purchases 5000…
A: Prime cost = opening stock of raw materials + purchases of raw materials + Direct expenses +Direct…
Q: The cost of Product E sold for the year ended July 31,2021 is: d. P1,350,000 b. P1,440,000 c.…
A: As per NRV method, the net realizable value at split off point is used to allocate the joint cost.
Q: Time answered Marked out of Inventory at 1st 0.80 Jan 2020 Inventory at 31st Dec 2020 P Flag Raw…
A: Raw material consumed(Rc) = beginning RM + purchase- ending RM = 20000+100000-30000 = 90000
Q: The company began its operation in 20X1. At the end of 20X1, the cost of inventory was $160,000…
A: Under the allowance method, an allowance account is credited equally to the difference of cost or…
Q: Chris Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925
Q: Fiery Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000
Q: Opening stock of Raw material is 180000 OMR , Freight Inwards 5000 OMR, Purchases of Raw material…
A: Opening stock = 180,000 OMR Freight inwards = 5000 OMR Raw material purchase = 730,000 OMR Purchase…
Q: Opening stock of Raw material is 280000 OMR ,Freight Inwards 3000 OMR, custom duty on purchases 2000…
A: Raw material consumed = Opening stock of Raw material + Freight Inwards + custom duty on purchases +…
Q: Opening stock of Raw material is 180000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material…
A: Raw material used in the business means how much cost of goods has been actually consumed in the…
Q: According to the information given in the table below, which of the following is Raw materials…
A: Raw Material consumed = Opening raw material + Purchases During the year +Freight on Purchase -…
Q: Brockton Ltd. began applying IFRS in 20X8. One of the necessary adjustments was to adjust past…
A: Retrospective Restatement: Retrospective restatement is the act of revising the acknowledgment,…
Q: Tim Keller Inc. is a manufacturer. The activity for Material ENC during August 2021 is shown bel…
A: There are various methods used to compute the cost of ending inventory and the cost of goods sold.…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000
Q: 2)Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2013. If…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Moore Company purchased an item for inventory that cost $20 perunit and was marked to sell at $30.…
A: Lower of cost or market: This method of LCM states that the inventory is required to be reported on…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Unit conversion cost using weighted average method = Total Conversion cost / EUP
Q: 3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…
A: In the above question we have asked to prepare Statement of Cost of Production and Statement of…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: FIFO method: Unit conversion cost = Current period conversion cost / EUP
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000
Q: According to the information given in the table below, which of the following is Raw materials…
A: Raw materials consumed = Opening stock raw material + Purchases - purchase return - clsong stock raw…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Beginning Equivalent units=Beginning inventory×% completion=22,500×40%=9,000 units
Q: Assume that Distributor Company Inc. has the following inventory item on hand at December 31, 2018:…
A: The historical cost means the cost of the opening inventory on the other has the replacement cost…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925
Q: Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following…
A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Weighted average method: Unit Conversion cost = Total conversion cost / EUP
Q: Norton Company purchased 1,000 widgets and has 200 widgets in its ending inventory at a cost of $91…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
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- Opening stock of work in progress is 12000, and closing stock of Work in progress is 11750 OMR, Opening stock of finished goods is 12000, and closing stock of finished goods is 13000 OMR, Cost of goods manufactured 286000 OMR Calculate cost of Goods Sold None of these O b. 285000 OMR 299250 OMR C. O d. 398250 OMROpening stock of work in progress is 22000, and closing stock of Work in progress is 23750 OMR, Cost of goods manufactured 290800 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Calculate cost of Goods Sold a. None of these b. 320800 OMR c. 330800 OMR d. 297050 OMRMay Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory P55,000.00 and cost of goods manufactured of P120,000.00. What is the cost of goods sold of May Company?
- Opening stock of Raw material is 280000 OMR ,Freight Inwards 3000 OMR, custom duty on purchases 2000 OMR, Purchases of Raw material 930000 OMR, Purchase returns is 1000 OMR and Closing stock of Raw material is 28000 OMR, Calculate Raw material consumed Select one: a. 1,059,000 OMR b. 984,000 OMR c. 1,186,000 OMR d. 750,000 OMRMay Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory P55,000.00 and cost of goods manufactured of P120,000.00. What is the cost of goods sold of May Company? P 105,000.00 P 135,000.00 P 140,000.00 P 120,000.00Opening stock of Raw material is 90000 OMR, Freight Inwards 10000 OMR, Purchases of Raw material 60000 OMR, Purchase returns is 2500 OMR and Closing stock of Raw material is 3580 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR. Calculate Direct Raw Material Used. O a. None of these 160,000 OMR 153,920 OMR 170,000 OMR
- Opening stock of Raw material is 180000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material 730000 OMR,Purchase returns is 10000 OMR and Closing stock of Raw material is 38000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR Calculate Raw material Used. a. 964,000 OMR b. 1,094,000 OMR c. 1,069,000 OMR d. 865,000 OMROpening stock of Raw material is 160000 OMR, Freight Inwards 10000 OMR, Purchases of Raw material 500000 OMR, Purchase returns is 2000 OMR and Closing stock of Raw material is 8000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR . Calculate Direct Raw Material Used. a. 670,000 OMR b. 660,000 OMR c. 760,000 OMR d. None of theseOpening stock of Raw material is 260000 OMR, Freight Inwards 3000 OMR, custom duty on purchases 2000 OMR, Purchases of Raw material 900000 OMR, Purchase returns is 2000 OMR and Closing stock of Raw material is 8000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR Calculate Raw material Used. Select one: a. 1,064,000 OMR b. 1,069,000 OMR c. 1,094,000 OMR d. 1,155,000 OMR
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 444000 Opening stock of WIP 48000 Opening stock of FG 38000 Closing stock of WIP 18000 Closing stock of FG 1500 units Total production units 15800 Select one: a. 445600 b. 487000 c. 467000 d. 419200According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 275300 Opening stock of WIP 49250 Opening stock of FG 28500 Closing stock of WIP 21550 Closing stock of FG 1020 units Total production units 3030 Select one: a. 285100 b. 243000 c. 229500 d. 253000 Clear my choiceening stock of Raw material is 160000 OMR, Freight Inwards 10000 OMR, Purchases of Raw material 500000 OMR, Purchase returns is 2000 OMR and Closing stock of Raw material is 8000 OMR, Direct Wages is 175,000 OMR direct Expenses is 15000 OMR . Calculate Prime cost. Select one: a. 850,000 OMR b. 870,000 OMR c. None of these d. 860,000 OMR