Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do all of the parts and provide a complete answer Question: 1. (This question addresses CLO2) 1. Why do companies adopt material control measures?

image text in transcribed

Please do all of the parts and provide a complete answer

Question: 1. (This question addresses CLO2) 1. Why do companies adopt material control measures? Your discussion should include the types and methods of material control adopted by manufacturing organisations 2. Using the following information under FIFO method, determine the cost of materials used and the cognof ending inventory for the month of July 2021. July 1,2021 Balance on hand, 1000 yards of linen @ OMR 4.000 each. 3 Issued 250 yards 5 Received 500 yards @ OMR 4.500 each 6 Issued 150 yards 10 Issued 110 yards 15 Received 500 yards @ OMR 5.500 each 20 Returned 300 yards to the vendor from July 15th Purchase 25 Issues 600 yards 3. Patriot Oman predicts that it will use 360,000 kgs of materials during the year. The material is expected to cost OMR 5 per kg. Patriot Oman anticipates that it will cost OMR 72 to place each order. The annual carrying cost is OMR 4 per kg. Determine the Economic ordering quantity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar

10th International Edition

0130851779, 978-0130851772

More Books

Students also viewed these Accounting questions

Question

Demonstrate through language that you are grateful to be informed.

Answered: 1 week ago

Question

Always mention the specifi c problem the customer faced.

Answered: 1 week ago