QUESTION 2

Several items are omitted from the statement of profit and loss and cost of goods manufactured statement data for two different companies for the month of December 2020.

	Sintok Berhad RM	KP Berhad RM
Materials inventory, December 1	280,280	177,000
Materials inventory, December 31	(a)	180,000
Materials purchased	712,800	342,000
Cost of direct material used in production	752,400	(a)
Direct labour	1,058,400	(b)
Factory overhead	327,600	180,000
Total manufacturing costs incurred during December 2020	(b)	1,035,000
Total manufacturing costs	2,678,400	1,477,500
Work in process inventory, December 1	540,000	442,500
Work in process inventory, December 31	453,600	(c)
Cost of goods manufactured	(c)	1,024,500
Finished goods inventory, December 1	475,200	204,000
Finished goods inventory, December 31	496,800	(d)
Sales	4,140,000	1,675,000
Costs of goods sold	(d)	1,051,500
Gross profit	(e)	(e)
Operating expenses	540,000	(f)
Net income	(f)	384,000

REQUIRED:

1. Determine the amounts of the missing items, identifying them by letter.

(12 Marks)

2. Prepare KP Berhads Statement of Cost of Goods Manufactured for the month ended 31 December 2020

(8 Marks)

3. Prepare the KP Berhads Statement of Profit or Loss and Other Comprehensive Income for the month ended 31 December 2020

(5 Marks)