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The manufacturing cost of XYZ Company during October includes prime costs of OMR85,000. The manufacturing overhead...

The manufacturing cost of XYZ Company during October includes prime costs of OMR85,000. The manufacturing overhead is 20% of the month's total manufacturing costs. If beginning work in process was OMR25,000 and ending work in process is OMR21,000, the cost of goods manufactured is: Select one:

a. OMR106,000

b. OMR110,250

c. OMR102,250

d. OMR108,250

e. None of the answers given

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Homework Answers

Answer #1

Answer is option B - OMR 110,250

Explanation:

Manufacturing overhead= 20% manufacturing costs

Manufacturing costs = prime cost + Manufacturing overhead

Manufacturing costs =OMR85,000 + 0.20 Manufacturing costs

0.80 manufacturing costs =OMR85,000

Manufacturing costs=OMR85,000/0.80

Manufacturing costs =OMR106,250

Manufacturing overhead=20% of Manufacturing costs

Manufacturing overhead=20%×OMR106,250

Manufacturing overhead =OMR21,250

Cost of goods manufactured = Beginning work in process+ Manufacturing costs- Ending work in process

Cost of goods manufactured=OMR25,000+OMR106,250-OMR21,000

Cost of goods manufactured = OMR 110,250

Please do rate!

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