Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following are the information derived from financial statements of Al Tood Production SAOG. You are required to calculate the value of cost of goods

image text in transcribed

The following are the information derived from financial statements of Al Tood Production SAOG. You are required to calculate the value of cost of goods sold, from the below information. The company earns a profit of 25% on cost, Opening stock of raw material is RO 10,000, Direct wages are RO 35,000, Factory overheads 50% of the material available for consumption, Closing stock of finished goods is RO 7,000, Purchases of raw material amounted to RO 40,000, Closing stock of work in progress is RO 2,000, Direct expenses are RO 20,000, Selling & Distribution overheads are 10% of direct wages, Opening stock of finished goods is RO 13,000, Closing stock of raw material is RO 5,000, Office & Administration overheads are RO 18,000 and Opening stock of work in progress is RO 4,000. a. RO 193,125 b. RO 154,000 c. RO 155,000 d. RO 151,000 Question 24

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

The Speed Of Risk Lessons Learned On The Audit Trail

Authors: Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA

2nd Edition

ISBN: 163454059X, 978-1634540599

More Books

Students also viewed these Accounting questions

Question

25.0 m C B A 52.0 m 65.0 m

Answered: 1 week ago