Question 3 Phi Phi Furniture produced 1,500 television stands in March. These stands are sold for RM300 each. Phi Phi had 250 finished goods inventory at the beginning of March. At the end of March, there were 500 stands in the finished goods inventory. The following cost information relates to the months of March. RM Raw materials purchases 120,000 Direct labor 75,000 Indirect labour 15,000 Factory rent 15,500 Office equipment depreciation 4,500 Depreciation of machinery 22,500 Factory utilities 4,500 Factory supervision 33,700 Sales commission 67,500 Administration expenses 112,500 Administration salaries 150,000 Supervisor salary 156,000 Accountant salaries 90,000 Beginning balance, raw materials 17,500 Beginning balance, WIP 4,000 Beginning balance, finished goods 30,000 Ending balance, raw materials 25,000 Ending balance, WIP 5,500 Ending balance, Finished goods 42,500 Required: a) Prepare a statement for cost of goods manufactured. b) Compute the average cost of producing one unit of television stand. c) Calculate the total conversion cost. d) Prepare a statement of profit and loss for external users