ASSIGNMENT Topic 8

MANAGERIAL ACCOUNTING

DUE DATE:11:00 PM 05 JULY2020(submit online)

PART B :STRUCTURED QUESTIONS QUESTION 1 Numerous items are missing from each of the following statement of the comprehensive income and cost of goods manufactured statement data for the month of December 2014: Ali Son Bhd Sedra San Bhd RM RM Materials inventory, 1 December 185,000 120,000 Materials inventory, 31 December 130,000 Materials purchased 170,000 240,000 Cost of direct materials used in production 155,000 Direct labor 220,000 Factory overhead 75,000 70,000 Total manufacturing costs incurred during December 450,000 Total manufacturing costs 575,000 $55,000 Work in process inventory, 1 December 125,000 105,000 Work in process inventory, 31 December 125,000 Cost of goods manufactured 455,000 Finished goods inventory, 1 December 110,000 75,000 Finished goods inventory, 31 December 115,000 Sales 695,000 750,000 Cost of goods sold 330,000 Gross profit ? Operating expenses 100,000 Net income 340,000 REQUIRED: (a) Determine the amounts of the missing items for each company. (6 Marks) (b) Prepare the Statement of Cost of Goods Manufactured for Sedra San Bhd. (6 Marks) (c) Give THREE (3) differences between managerial and financial accounting.QUESTION 2 The accountant of Jim Sdn. Bhd. presented the following information from the company's accounting records for the year ended 31 December 2019. RM Inventories at 1 January 2019: Raw materials 20,000 Work in process 12,000 Finished goods 80,000 Inventories at 31 December 2019: Raw materials 24,000 Work in process 8,000 Finished goods 90,000 Sales 1,100,000 Selling expenses 170,000 Supplies expenses 60,000 Administrative expenses 50,000 Direct labour 120,000 Purchases of raw materials 190,000 Utility expenses 60,000 Factory management salaries 70,000 Insurance expenses 30,000 Maintenance expenses 28,000 Depreciation for factory 20,000 Factory rental 10,000 Additional information: The allocation for the following expenses are as follows: Ofce Factory Utility expenses 60% 40% Insurance expenses 30% 70% Maintenance expenses 40% 60% Supplies expenses 50% 50% REQUIRED: (a) Prepare the Statement of Cost of Goods Manufactured for Jim Sdn. Bhd. for the year ended 31 December 2019. (b ) Prepare the Statement of Profit or Loss and Other Comprehensive Income for JIM Sdn. Bhd. for the year ended 31 December 2019