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Q1 NAMZ Pack N Stack Sdn Bhd, a company manufacturing industrial plastic containers, is in the process of preparing its financial statements for the year ended December 31, 2012. The following summarizes NAMZ's inventory at the start of the year 2012: January 1,2012 RM 56,000 RM103,000 RM 45,000 Inventories Direct Materials Work in Process Finished Goods The information on other costs involved in 2012 extracted from the adjusted trial balance are as follows: Cash Accounts receivable Prepaid rent expense Inventory-Direct materials Inventory-Work in process Inventory - Finished goods Factory plant and machineries Office equipment Vehicles Accounts payable Unearned revenue Long term loan Accum.depreciation- Factory plant and machineries Accum.depreciation -Office equipment Accum.depreciation - Vehicles Common stock Retained earnings Items BPA 11403/ BPK 1043 Sales revenue Selling and Administrative expense Supervisor salaries Administrative salaries Purchases-Direct material Direct labour Indirect labour Property tax Factory maintenance Depreciation - Factory plant machineries Depreciation Office equipment Depreciation -Vehicles Transportation expense Interest on bank loans Total Insurance expense - factory Utilities expense (b) (c) 2 BPA 11403/ BPK 1043 and RM 198,200 89,600 4,800 23,000 62,000 57,000 725,000 70,000 475,000 69,000 72,000 144,000 159,000 134,000 63,000 4,000 15,000 145,000 14,000 95,000 12,000 36,000 24,000 12,000 2,702,600 RM Additional information: 75% of the property tax expense is allocated for factory. The proportion for utilities expense is two fifth for administration and the remaining for factory. Vehicles depreciation for administrative is one fourth of the amount. One third of the transportation expense is for selling cost. 435,000 28,000 190,000 96,000 82,400 120,000 244,000 209,200 1,298,000 You are required to: (a) Prepare the Statement of Cost of Goods Manufactured for the year ended 31 December 2012 (Show calculations) Discuss the difference between product cost and period cost. 2,702,600 (10 marks) Prepare an Income Statement for NAMZ Pack and Stack Sdn. Bhd for the year ended 31 December 2012. (8 marks) (4 marks)