Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started