Q3 Alisya Manufacturing Sdn Bhd is a company involve in making gourmet sauces.It is in the process of preparing its financial statements for the year ended December 31, 2015. Table Q3(a) shows information on the companys inventories for the year 2015.

Table Q3(a) :Inventories Information

Inventories	January 1, 2015	December 31,2015
Direct Materials	RM 80,000	RM 120,000
Work in Process	RM120,000	RM 95,000
Finished Goods	RM182,000	RM215,000

In the year 2015, the company bought direct materials amounted RM340,000 and spent RM 510,000 on direct labour.

The information on other costs involved in 2015 is as per Table Q3 (b).

Table Q3(b):Other Related Costs

Items	RM
Sales revenue	985,000
Transportation expense	48,000
Sales commission	14,000
Factory supervisors salaries	90,000
Administrative staffs salaries	120,000
Indirect materials	35,000
Property tax	4,000
Factory maintenance	38,000
Depreciation factory plant and machineries	25,000
Depreciation vehicles	15,000
Indirect labour	24,000
Prepaid Insurance	9,360
Utilities expense	4,400

Additional information:

• 1/4 of the transportation expense is for delivering customers orders.
• 60% of the insurance expense is for factory vehicles. The insurance premium was paid for the period of April 1, 2014 to March 31, 2015.
• 35% of the utilities expense is for administrative purpose. RM 3,200 of the expense is accrued and not yet recorded.
• Depreciation of vehicles is for 10 months. Depreciations of vehicles for November and December have not been provided yet. 2/5 of the vehicles depreciation is for administrative.

You are required to :

1. Prepare the Statement of Cost of Goods Manufactured for the year ended 31 December 2015
2. Differentiate between product cost and period cost.