Reference no: EM132801568
Question - The following provides information on Favco Manufacturing Sdn Bhd., during the period 1st January 2019 until 31 December 2019:
Item (RM)
Inventories as at 1st January: Raw materials 41,200
Work in process 55,690
Inventories as at 31st December: Raw materials 40,000
Work in process 47,800
Direct labour 160,250
Office Clerk's salary 80,200
Factory supervisor's salary 38,000
Hire special machine 57,200
Selling and distribution expenses 6,330
Purchase of raw material 111,420
Finished goods as at 1st January 13,900
Factory utilities 8,500
Power and supply for factory 16,800
Administration expenses 4,030
Depreciation on office equipment 9,040
Rental for factory 36,000
Salesman's commission 15,800
Factory maintenance 6,700
Additional information:
a) During the period ended 31st December 2019, Favco Manufacturing Sdn. Bhd., managed to sell 5,000 units for RM150 each.
b) Depreciation for the machine and van is charged at 15% per year according to the straight line method. Cost of the machine and van are RM120,000 and RM80,000 respectively.
c) A van is used for delivery of finished goods to the customer while machine is used in production.
d) Finished goods as at 31st December 2019 is RM14,060.
Required -
i) Prepare Schedule of Cost of Goods Manufactured for the year ended 31st December 2019.
ii) Compute the Cost of Goods Sold for the year ended 31st December 2019.
iii) Prepare statement of Profit and Loss for the year ended 31st December 2019.
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