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please answer the questions thank you A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing
please answer the questions thank you
A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR180,000; manufacturing overhead applied OMR114,000, unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in process, Finished Goods, and cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR140,800 b. OMR145,300 c. None of the answers given O d. OMR109,000 O e. OMR204,700 Company XYZ uses direct labor hours to allocate its manufacturing overhead. The company estimates that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is OMR5 per hour and the estimated fixed overhead costs are OMR750,000. Calculate the predetermined overhead rate. Select one: O a. OMR3.00 O b. OMRO.13 O c. None of the answers given O d. OMR8,00 O e. OMR9.00 Beginning raw materials inventory was OMR60,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: O a OMR156,000 O b. OMR144,000 c. OMR181,000 O d. None of the answers given Total manufacturing costs assigned to job XYZ is OMR950; the job included 10 units. If the company uses a markup percentage of 80% of its total manufacturing costs, then what selling price per unit would it have established for job XYZ? Select one: O a. None of the answers given O b. OMR171.00 c. OMR95.00 O d. OMR175.75 O e. OMR76.00 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR61,000; Estimated direct labor hours 20,000; Actual direct labor hours 22,000. The amount of over-on underapplied overhead for the year was Select one: O a. OMR4,000 underapplied O b. OMR9,500 overapplied O c. OMR4,000 overapplied d. OMR10,500 underapplied O e. None of the answers given O OMR10,500 overappliedStep by Step Solution
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