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QUESTION 1 Razali Son. Bhd. uses job order cost system and had the following balances in the books of accounts on I August 2020. Raw Material Inventory RM75,000 Work in Process Inventory RM1 10,000 Finished Goods Inventory RM28,000 During August 2020, the following transactions took place. i. Raw material was purchased on account, RM590,000. ii. Direct material (RM122,000) and indirect material (RM14.300) were used for production. iii. Factory wages consisted of RM183,000 for direct labour employees and RM41,200 for indirect labour employees. iv. Electricity and utilities of RM30,200 were accrued; 80% of these costs is for the factory. V. Depreciation of RM60,000 was recorded on plant assets; 70% of the depreciation is related to factory machinery and equipment. vi. Rent of RM65,000 was paid on the building. The factory occupies 70% of the building. vil. Overheads applied during the month was 1 10% of direct labour costs. vili. Office salaries totaled RM 142,300 for the month. ix. Sales revenue for the month of August 2020 were RM1,230,000. X. As at 30 August, the Work in Process Inventory balance was RM46,600 and the balance in Finished Goods Inventory was RM55,000. Required: a) Prepare the journal entries for transactions (i) until (vii). Narrations are not required. (14 marks) b) Prepare the Cost of Goods Manufactured Schedule for the month of August 2020. (4 marks) c) Prepare the Income Statement for the month of August 2020. (5 marks) d) Explain TWO differences between job order and process costing (2 marks) [TOTAL: 25 MARKS]