step by step

QUESTION 1 Golden Manufacturing Sdn. Bhd. is curious about the features of process cost accounting. Explain THREE (3) the distinctive features of process cost accounting to Golden Manufacturing Sdn. Bhd. [Total: 3 marks QUESTION 2 ProGreen Manufacturing Sdn. Bhd. had the following transactions during its first month of operations: 1. Purchased raw materials on account, RM88,000. 2. Total Raw Materials of RM42,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that RM12,000 was classified as indirect materials. 3. Factory labor costs incurred were RM194,000 of which RM145,000 pertained to factory wages payable and the balance pertained to employer payroll taxes payable. 4. Time tickets indicated that RM155,200 was direct labor and RM38,800 was indirect labor. 5. Overhead costs incurred on account were RM199,500. 6. Manufacturing overhead was applied at the rate of 120% of direct labor cost. 7. Goods costing RM165,500 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing RM132,600 to manufacture were sold on account for RM178,000. Required: Give journal entries for the above transactions of ProGreen Manufacturing Sdn. Bhd. [Total: 7 marks)