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Question 1 BUKU PRODUCER manufactures books to cater the private universities in Malaysia:. Cost incurred during the year ended 31 December 2020: Building (40% used by office) 500,000 Building rental 60,000 Depreciation of building 40,000 Equipment (20 % used by factory) 150,000 Depreciation of equipment 30.000 Depreciation of office furniture 10,000 Direct Material purchases 703,000 Factory insurance 80,000 Indirect material (10% of cost of direct material used) Labour cost (80% direct) 300,000 Other manufacturing overheads 55,000 Sales 850,000 Selling & administrative expense 87,000 Following are the balance of inventories on 1 January 2020 31 December 2020 Raw Material 35,000 30,000 Work in process 56,000 45,000 Finished Goods 60,000 70,000 Required: Prepare the schedule of cost of goods manufactured for the year ended 31 December 2021. (Note: Show all necessary workings) Prepare the schedule of cost of goods sold for the year ended 31 December 2021