XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year :end. This error will cause Cost of Goods Sold to be overstated by OMR 12,000 for the year Cost of Goods Manufactured to be overstated by OMR 12,000 for b O the year Finished Goods to be overstated by OMR 12,000 at the end of the .c O year None of the given answer is correct d O Work in Process to be understated by OMR 12,000 at year end

XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year :end. This error will cause Cost of Goods Sold to be overstated by OMR 12,000 for the year Cost of Goods Manufactured to be overstated by OMR 12,000 for b O the year Finished Goods to be overstated by OMR 12,000 at the end of the .c O year None of the given answer is correct d O Work in Process to be understated by OMR 12,000 at year end

Name: 1:59:48 alXYZ company uses a job-order costing system. In reviewing i
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 1:59:48 alXYZ company uses a job-order costing system. In reviewing its records atthe end of the year, the company has discovered that OMR 12,000 of rawmaterials has been drawn from the storeroom and used in the production ofJob PS5, but that no ent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct Ob. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O c. Work in Process to be understated by OMR 12,000 at year end. O d. Finished Goods to be overstated by OMR 12,000 at the end of the year. O e.. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O C. None of the given answer is correct O d. Finished Goods to be overstated by OMR 12,000 at the end of the year. Work in Process to be understated by OMR 12,000 at Oe. year end. étv MacBook Air
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a. Work in Process to be understated by OMR 12,000 at year end. O b. None of the given answer is correct С. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Finished Goods to be overstated by OMR 12,000 at the end of the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: a Cost of Goods Sold to be overstated by OMR 12,000 for the year. b.Finished Goods to be understated by OMR 12,000 at the end of the year. c. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. d. None of the given answer is correct e. Work in Process to be understated by OMR 12,000 at year end.
e. 34 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Finished Goods to be understated by OMR 12,000 at the end of the year. Oc Work in Process to be understated by OMR 12.000 at year end. O d. Finished Goods to be overstated by OMR 12,000 for the year. O e. None of the given answer is correct AGE NEXT PAGE
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Cost of Goods Sold to be overstated by OMR 12,000 for the year. b. Work in Process to be understated by OMR 12,000 at year end. O c. Finished Goods to be overstated by OMR 12,000 for the year. O d. None of the given answer is correct Finished Goods to be understated by OMR 12,000 at the end of O e. the year.
Time left 1:59:35 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: а. Cost of Goods Sold to be overstated by OMR 12,000 for the year. b. None of the given answer is correct С. Work in Process to be understated by OMR 12,000 at year end. d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Finished Goods to be overstated by OMR 12,000 at the end of the year.
XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: O a. Finished Goods to be understated by OMR 12,000 at the end of the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O. Cost of Goods Sold to be understated by OMR 12,000 for the year. d. None of the given answer is correct Oe Work in Process to be understated by OMR 12,000 at year end. CLEAR MY CHOICE
BRARIES SQU PORTAL ATTENDANCE Time left 1:45:5 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in thd production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed and sold at year end. This error will cause: a. Work in Process to be understated by OMR 12,000 at year end. 9 b. None of the given answer is correct C. Finished Goods to be understated by OMR 12,000 at the end of the year. d. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. e. Cost of Goods Sold to be understated by OMR 12,000 for the year. ir mort likely to use a process accounting system, EXCEPT:
Time left 1:40:01 XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, journalized twice in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. Work in Process to be understated by OMR 12,000 at year end. O b. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O c. Finished Goods to be overstated by OMR 12,000 for the year. O d. Finished Goods to be understated by OMR 12,000 at the end of the year. O e. None of the given answer is correct PAGE NEXT PAGE IZ TWO Jump to. COURSE OUTLINE_SPRING2021 ► hp 米 fs 17 fg 144 トト %23 %24 4 & 5 7 8. V E R T
On September 25, a hurricane destroyed the work in process inventory of Biloxi Corporation. At that time, the company was in the process of manufacturing two custom jobs (B325 and Q428). Although all of Biloxi's on-site accounting records were destroyed, the following information is available from some backup off-site records. • Biloxi Corp. applies overhead at the rate of 85 percent of direct labor cost. • The cost of goods sold for the company averages 75 percent of selling price. Sales from January 1 to the date of the hurricane totaled $2,237,200. • The company's wage rate for production employees is $18.06 per hour. A total of 25,760 direct labor hours were recorded from January 1 through September 25. • As of September 25, $30,772 of direct material and 128 hours of direct labor had been recorded for Job B325. Also at that time, $20,580 of direct material and 240 hours of direct labor had been recorded for Job Q428. • January 1 inventories (of the current year) were as follows:…
Huda Corporation's accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition. Discuss why you could have Misallocated Overhead?