BKAF1023 INTRODUCTION TO FINANCIAL ACCOUNTING QUESTION 3 (17 MARKS: 31 MINUTES) Syarikat Maju Niaga Sdn Bhd is a medium-sized manufacturing company that operates in Shah Alam. The following information is available for the company for the year ended 31 December 2017: Items Sales Factory supervisor's salary RM 850,000 37,000 Prepaid insurance Indirect material Indirect labour 50,000 35,000 18,000 Direct labour 220,000 Depreciation 46,000 Utility expenses 11,000 Factory maintenance expenses 7,000 Direct materials purchase Administration expenses 150,000. 15,500 Additional information: i. The balances of inventories are as follows: ii. 1 January 2017 31 December 2017 (RM) (RM) Direct materials 50,000 70,000 Work in process 80,000 95,000 Finished goods 40,000 43,000 The allocation of expenses for factory and office is as follows: Expenses Insurance Depreciation Utility REQUIRED: (a) 2017. (b) Factory 80% 70% 40% Office 20% 30% 60% Prepare the Statement of Cost of Goods Manufactured for the year ended 31 December (10 Marks) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017. (7 Marks)