Additional information:i.Inventory in hand at 31 December 2020:a. Raw materialsb. Work in processRM25,000RM11,000c. Finished goodsDepreciation of 10% on plant and machinery using the straight-line methodiji. 80% of fuel and light and 75% of rent and rates to be charged to manufacturingiy Provision for doubtful debts: 5% of sundry accounts receivable.v. RM4,000 outstanding for fuel and lightvi. Rent and business rates paid in advance: RM5,000 ( -)vii. Market value of finished goods: RM382,000RM26,000Required:a) Prepare statement of cost production for the year ended 31 December 2020.b) Prepare statement of comprehensive income for the year ended 31 December 2020c) Prepare statement of financial position as at 31 December 2020. 2. The following information taken from Jejai Limited:ParticularsDebitRMCreditRMPurchase of raw materialsFuel and lightAdministration salariesFactory wagesCarriage outwardsRent and business ratesSalesReturn inwardGeneral office expensesRepairs to plant and machineryInventory at 1 January 2020:Raw materialsWork in processFiníshed goodsSundry accounts payableCapitalFreehold premisesPlant and machineryAccounts receivable258,00021,00017,00059,0004,00021,000482,0007,0009,0009,00021,00014,00023,00037,000457,000410,00080,00020,0008,000Accumulated provision for depreciation on plant andmachineryCost in hand11,000984,000 984,000ТОTAL

Answered: Image /qna-images/answer/389bea47-a623-43ca-8377-f737a157b075.jpg

2. The following information taken from Jejai Limited: Particulars Debit RM Credit RM Purchase of raw materials Fuel and light Administration salaries Factory wages Carriage outwards Rent and business rates Sales Return inward General office expenses Repairs to plant and machinery Inventory at 1 January 2020: Raw materials Work in process Finished goods Sundry accounts payable Capital Freehold premises Plant and machinery Accounts receivable Accumulated provision for depreciation on plant and machinery Cost in hand 258,000 21,000 17,000 59,000 4,000 21,000 482,000 7,000 9,000 9,000 21,000 14,000 23,000 37,000 457,000 410,000 80,000 20,000 8,000 11,000 984,000 984,000 ТОTAL

2. The following information taken from Jejai Limited: Particulars Debit RM Credit RM Purchase of raw materials Fuel and light Administration salaries Factory wages Carriage outwards Rent and business rates Sales Return inward General office expenses Repairs to plant and machinery Inventory at 1 January 2020: Raw materials Work in process Finished goods Sundry accounts payable Capital Freehold premises Plant and machinery Accounts receivable Accumulated provision for depreciation on plant and machinery Cost in hand 258,000 21,000 17,000 59,000 4,000 21,000 482,000 7,000 9,000 9,000 21,000 14,000 23,000 37,000 457,000 410,000 80,000 20,000 8,000 11,000 984,000 984,000 ТОTAL

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PB: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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