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Hi there.. need help on this. I have the sample answer template below. can either fill in or add on. thanks. COST OF GOOD SOLD
Hi there.. need help on this. I have the sample answer template below. can either fill in or add on. thanks.
COST OF GOOD SOLD STATEMENT | ||||
FOR THE YEAR ENDING | ||||
Cost | RM | RM | ||
Direct Raw Material: | ||||
Opening inventory | ||||
+ | Purchases (net) | |||
Raw Material available for use | - | |||
- | Closing Inventory | |||
Cost of Raw Material Used : | - | |||
+ | Direct labour | |||
Prime cost | - | |||
Manufacturing overhead | ||||
- | ||||
Factory cost/manufacturing cost | - | |||
+ | Work in progress opening inventory | |||
- | Work in progress ending inventory | |||
Cost of goods manufactured | - | |||
+ | Finished goods opening inventory | |||
Cost of goods available for sale | - | |||
- | Finished goods closing inventory | |||
Cost of goods sold at normal | - | |||
QUESTION 2 In 2021 company purchased direct raw material RM50,000, and direct labor cost RM21,000. Prepare Cost of goods sold schedule for the company. (10 marks)
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