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Bright Home Furniture is a well-known wooden display cabinet's manufacturer in Seremban. Given below are the budgeted sales for the first four months of the year 2020: Month Unit to be produced January 168 February 198 March 185 April 226 It requires 20 meters of wood to produce one unit of wooden display cabinet, at a cost of RM25 per meter. Assume that the company maintains an inventory of wood equal to 15 percent of the next month's needs. At the beginning of the year, 980 meters of wood are on hand.
Instructions
Question (a) Prepare a Direct Materials Budget, in Ringgit Malaysia (RM), for the first quarter in year 2020.
Question (b) Identify the SIX (6) benefits of budgeting.
Indicate with explanations, sections of the Acts and relevant case law how the Revenue and Expense items (together with the Notes) in the company's accounts are treated for tax purposes.
Accounts receivable from sales transactions were $46,439 at the beginning of the year and $61,231 at the end of the year. Net income reported on the income statement for the year was $122,433. Exclusive of the effect of other adjustments, the cash fl..
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