OMAN REFRESHMENT Date of Submission: 13 Nov 2020 NOTE: • This is a group work & carries maximum 15 marks (assignment 10 + presentation 5). • Work presented should be students’ own work. • The required report should be prepared in MS Word and/ or MS Excel (if needed), with a font size 12, and line spacing 1.5 to maximum. • At least (1500words) • The sources of data should be presented at the end of the report in the ‘References’ section. • Plagiarism will be tested on assignment report. DESCRIPTION Each group of students has been assigned one of the following companies listed at Muscat Securities Market mine is ‘OMAN REFRESHMENT”. You are required to download Income Statements of the company along with its Notes to the Accounts, and then: • Provide a comprehensive history & introduction of the company, and of its products and services. • According to the nature of the good(s) being produced by the company, describe if the company might be following Process Costing or Job Order Costing. • Prepare a list of its competitors (the companies which are providing similar products or services). • Using the financial statements of the selected company: o List down the different manufacturing and non-manufacturing expenses from Income Statement. o Each head/ group of manufacturing and non-manufacturing expenses should be followed by the complete details provided in Notes to the Accounts. o Classify each manufacturing cost as material, labor, or manufacturing overhead cost. Each manufacturing cost should also be classified as fixed or variable or semi-variable cost. Note: Follow the sample format below. o Define each non-manufacturing expense either as fixed or variable or semi-variable according to your judgment. Note: Follow the sample format below. SAMPLE FORMAT DESCRIPTION ELEMENTS OF COST BEHAVIOR OF COST/ EXPENSE MANUFACTURING D. D. Mfg. Material Labor Overhead Fixed Variable Fixed EXPENSES/ COST OF GOODS SOLD: Direct material (Example) √ √ NON-MANUFACTURING EXPENSES: Admin Expenses (Example): Depreciation (Example) √ Selling and Marketing Expenses (Example): Newspaper advertisements (Example) Semi- √ 
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