The accounting records of Omar Corporation contained the following information for last year: Direct materials inventory...
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The accounting records of Omar Corporation contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Direct materials used Overhead applied Direct labor cost (10,000 hours) Depreciation Rent Taxes Unadjusted cost of goods sold (does not include overapplied or underapplied overhead) Advertising Rent Clerical Beginning $ 9,000 $ 17,000 $ 10,000 Selling, General, and Administrative Costs Incurred $ 35.000 $ 20,000 SA SA $ 25,000 Ending $ 7,000 $ 31,000 $ 15,000 Manufacturing Costs Incurred $ 72,000 $ 24,000 $ 80,000 $ 10,000 $ 12,000 $ 8,000 $157,000 The accounting records of Omar Corporation contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Direct materials used Overhead applied Direct labor cost (10,000 hours) Depreciation Rent Taxes Unadjusted cost of goods sold (does not include overapplied or underapplied overhead) Advertising Rent Clerical Beginning $ 9,000 $ 17,000 $ 10,000 Selling, General, and Administrative Costs Incurred $ 35.000 $ 20,000 SA SA $ 25,000 Ending $ 7,000 $ 31,000 $ 15,000 Manufacturing Costs Incurred $ 72,000 $ 24,000 $ 80,000 $ 10,000 $ 12,000 $ 8,000 $157,000
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SOLUTION The cost of goods manufactured can be calculated using the following formula Cost of goods ... View the full answer
Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
Posted Date:
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