al. 1. 202U2020Raw materials inventoryOMR 80,000OMR 64,000Work in process inventory104,000116,000Finished goods inventory100,00092,000During 2020, the company purchased OMR 1,450,000 of materials, had a direct laborcost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost ofgoods sold is:

Answer: We are required to calculate cost of goods sold Calculation of cost of goods sold is a three…

Answered: During 2020, the company purchased OMR…

During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

al. 1. 202U
2020
Raw materials inventory
OMR 80,000
OMR 64,000
Work in process inventory
104,000
116,000
Finished goods inventory
100,000
92,000
During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor
cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of
goods sold is:

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