Look to the two tables to answer the question cionXYZ Co. has the following information:Inventory at1st Jan 2020Inventory at 31stDec 2020ut ofRaw MaterialsOMR20,000OMRInventory30,000Work in ProcessInventoryOMR15,000OMR18,000Finished GoodsOMR30,000OMRInventory20,000 Raw materials purchasesOMR 100,000Direct laborOMR 75,000Manufacturing overhead appliedOMR 80,000Manufacturing overhead ActualOMR 85,000Indirect materialsOMRCompute the adjusted cost of goods sold.a. OMR 252,000O b. OMR 258,000Oc. OMR 257,000Od. OMR 247,000e.None of the given answer is correct

Cost of goods sold shows actual costs incurred for total manufacturing costs with adjustment to…

Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold. a. OMR 252,000 O b. OMR 258,000 Oc. OMR 257,000 Od. OMR 247,000 O e. None of the given answer is correct

Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold. a. OMR 252,000 O b. OMR 258,000 Oc. OMR 257,000 Od. OMR 247,000 O e. None of the given answer is correct

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

XYZ Co. has the following information: Inventory at 1st Jan 2020 Inventory at 31st Dec 2020 Raw Materials Inventory OMR 20,000 OMR 30,000 Work in Process Inventory OMR 18,000 OMR 15,000 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 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0 Compute the adjusted cost of goods sold.
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
XYZ Company Began the year 2020 with 600 units of products in its January 1 Inventory costingBD35 each. The following information from XYZ Company for the year 2020.Date Activities Units Acquired at Cost Units sold at retailJanuary 4 Purchase 1,000 units @ BD 33May 18 Sales 1,100 unitsJuly 10 Purchase 1,200 units @ BD 30November 20 Sales 900 unitsRequired:Assume the XYZ uses a perpetual inventory system (FIFO method), What is the value of the cost ofgoods sold.
The inventories of Berry Company for the years 2019 and 2020 are as follows: Cost NRVJanuary 1, 2019 $10,000 $10,000December 31, 2019 13,000 11,500December 31, 2020 15,000 14,000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Refer to your answer for E8-6. How does the use of a periodic or perpetual inventory system affect the valuation of inventory?
Assume that Distributor Company Inc. has the following inventory item on hand at December 31, 2018:Historical cost : $1,000Replacement cost: $900Estimated Selling price: $ 1,050Estimated costs to complete and sell: $100Required: Write down the journal entry at end of 20181) Follow IFRS2) Follow U.S GAAP
The following data on materials purchased and issued during the month of June were shown: Assuming the application of a perpetual inventory system, the total quantity and cost of materials purchased for the month of June should be 2. Velasco Company has the following data for 2020: January 1 :Finished Goods > P 90,000, Work in process > P 56,000. December 31: Finished Goods >P 102,000 Work In Process > P 76,000 Gross Profit (2020) >P 94,000 Cost of Goods Manufactured >P780,000. The sales for 2020 should be
The information below is provided for Sea Company: Year EndingInventory End-of-Year Prices CostIndex 2017 $ 90,000 100 2018 97,650 105 2019 103,550 109 2020 $109,760 112 Required:Compute Sea Company's 2019 ending inventory using dollar-value LIFO.
Inventories (Cost Flow under FIFO, LIFO, and AVCO):Problem:Atkinson Inc. had the following inventory flow in March 2020. It follows a perpetual system of cost flow. Date Description Unit and Rate March 01 Beginning inventory 160 units @ $16 each 02 Purchase 380 units @ $17 each 08 Sales 200 units @ $56 each 12 Purchase 100 units @ $19 each 20 Sales 250 units @ $62 each 22 Sales 50 units @ $70 each 26 Purchase 400 units @ $18 each 29 Sales 350 units @ $65 each Prepare inventory cost flow schedules by following FIFO, LIFO, and AVCO. Also, show a condensed Income Statement assuming Selling and Distribution cost to be $16,000 andAdministrative Expense as $12,000. Consider an Income Tax Rate of 30%.
The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
Shania Twain Company was formed on December 1, 2019. The following information is available from Twain's inventory records for Product BAP. Units Unit Cost January 1, 2020 (beginning inventory) 600 $ 8.00 Purchases: January 5, 2020 1,200 9.00 January 25, 2020 1,300 10.00 February 16, 2020 800 11.00 March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods. a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places).
Swifty Corporation has $18000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $13000 and cost of goods sold was $50000, how much would Swifty report for cost of goods manufactured? $13000 $55000 $45000 $68000
The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment 10,200 2,300 Sales 318,622 Factory fuel and power 8,120 Additional information: Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.