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QUESTION 3 PenaPerl Business Trading provide the following information from the period ended 31 December 2020 RM Raw materials, 1 January 2020 35,000 Work in

QUESTION 3 PenaPerl Business Trading provide the following information from the period ended 31 December 2020 RM

Raw materials, 1 January 2020 35,000
Work in process, 1 January 2020 13,000
Finished goods, 1 January 2020 29,000
Raw materials purchased 180,000
Direct labour 288,000
Insurance expenses 167,000
Indirect labour 55,000
Factory machine depreciation 180,000
Utilities 50,000
Selling and administrative expenses 135,000
Sales 1,000,000

At the end of period, the balance of inventories are as follows:

Raw materials 64,000
Work in process 42,000
Finished goods 33,000

The following costs are divided as follows:

Factory building Administration
Insurance Expenses 35% 65%
Utilities expenses 70% 30%

REQUIRED: a) Prepare Statement of Cost of Goods Manufactured which clearly states the cost of goods manufactured for the year ended 31 December 2020.

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