Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.
Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additional information:
1. Inventory on 31 March 2021:
Raw materials RM 19,400
Work in progress RM 16,400
Finished goods RM 31,400
2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1.
3. Only 40% of the rent expense and 50% of the general expense apply to factory operations,
the remaining amounts should be charged to administrative activities.
4. Accrued payments:
Factory direct wages RM 2,500
Utilities RM 1,800
5. Depreciation for the year is to be charged as follows:.
Plant and machinery 10% on cost Office equipment 5% on reducing balance method
Required :
a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021.
b) Prepare statement of profit or loss for the year ended 31 March 2021.
c) Prepare statement of financial position as at 31 March 2021.
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