Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Palm Oil Factory Bhd reported the following information for the accounting year ended 31 March 2021. Raw Materials Work in Process Finished Goods Beginning RM

image text in transcribed

Palm Oil Factory Bhd reported the following information for the accounting year ended 31 March 2021. Raw Materials Work in Process Finished Goods Beginning RM 49,500 125,000 98,000 Ending RM 25,700 95,000 75,000 The following data had been taken from the accounting records for the period: RM Purchase of direct materials Direct labour Indirect labour Indirect materials Depreciation Insurance Utilities Sales 135,000 125,000 28,500 26,000 105,000 36,000 35,500 667,000 Additional Information: 1. 2. 3. 65% of the depreciation was for factory and the remaining was for administrative. 70% of the insurance was for factory and the remaining was for administrative. 80% of the utilities was for factory and the remaining was for administrative. REQUIRED: (a) Prepare the Statement of Cost of Goods Manufactured of Palm Oil Factory Bhd for the year ended 31 March 2021. (8 Marks) (b) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Palm Oil Factory Bhd for the year ended 31 March 2021. (7 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Allan Millichamp, John Taylor

9th Edition

1844809404, 978-1844809400

More Books

Students also viewed these Accounting questions

Question

=+1. How do I form perceptions of others?

Answered: 1 week ago