QUESTION 4 Far Reed Manufacturing Sdn Bhd is a cosmetic manufacturing company located in Sintok. Presented below is an excerpt of the company's trial balance for the year ended 31 December 2019 RM Far Reed Manufacturing Sdn Bhd Trial Balance As at 31 December 2019 Sales Expenses Administration Expenses Income Tax Expenses Direct Material purchased Direct Labour Indirect Labour Depreciation Expenses - Machine Utilities Expenses Depreciation Expenses- Factory Building Insurance Expenses Supplies Expenses Other Expenses Finished Goods Inventory, 31 December 2019 130,000 70,000 45,000 25,000 550,000 280,000 120,000 15,000 45,000 30,000 20,000 25,000 30,000 Work-in-process Inventory, 31 December 2019 54,000 Direct Material Inventory, 31 December 2019 35,000 Additional information: )The opening inventories balances for the year beginning 1 January 2019 for finished goods, work-in-process and direct materials are RM180,000, RM65,000 and RM30,000 respectively a) Utility, insurance, supplies and other expenses for factory and office are allocated as below Factory Office Utility expenses 40% 60% 50% Insurance expenses 50% Supplies expenses 20% 80% Other expenses 90% 10% (3) Total sales for the year 2019 is RM2,100,000 REQUIRED: (a) Prepare the Statement of Cost of Goods Manufactured for Far Reed Manufacturing Sdn Bhd for the year ended 31 December 2019 (b) Calculate the net profit of Far Reed Manufacturing Sdn Bhd for the year ended 31 December 2019 (e) Discuss the differences between financial and managerial accounting QUESTION 4 Far Reed Manufacturing Sdn Bhd is a cosmetic manufacturing company located in Sintok. Presented below is an excerpt of the company's trial balance for the year ended 31 December 2019 RM Far Reed Manufacturing Sdn Bhd Trial Balance As at 31 December 2019 Sales Expenses Administration Expenses Income Tax Expenses Direct Material purchased Direct Labour Indirect Labour Depreciation Expenses - Machine Utilities Expenses Depreciation Expenses- Factory Building Insurance Expenses Supplies Expenses Other Expenses Finished Goods Inventory, 31 December 2019 130,000 70,000 45,000 25,000 550,000 280,000 120,000 15,000 45,000 30,000 20,000 25,000 30,000 Work-in-process Inventory, 31 December 2019 54,000 Direct Material Inventory, 31 December 2019 35,000 Additional information: )The opening inventories balances for the year beginning 1 January 2019 for finished goods, work-in-process and direct materials are RM180,000, RM65,000 and RM30,000 respectively a) Utility, insurance, supplies and other expenses for factory and office are allocated as below Factory Office Utility expenses 40% 60% 50% Insurance expenses 50% Supplies expenses 20% 80% Other expenses 90% 10% (3) Total sales for the year 2019 is RM2,100,000 REQUIRED: (a) Prepare the Statement of Cost of Goods Manufactured for Far Reed Manufacturing Sdn Bhd for the year ended 31 December 2019 (b) Calculate the net profit of Far Reed Manufacturing Sdn Bhd for the year ended 31 December 2019 (e) Discuss the differences between financial and managerial accounting