Reference no: EM132923170
Question - Schedules of cost of goods manufactured and sold; income statement - The following data refer to Sunshine Sdn Bhd for the current year:
Sales revenue $2,526,000
Raw material inventory, 1 January 106,800
Purchases of raw material 877,200
Raw material inventory, 31 December 70,800
Direct labour cost incurred 568,800
Selling and administrative expenses 322,800
Indirect labour cost incurred 180,000
Council rates 108,000
Depreciation on factory building 150,000
Income tax expense 30,000
Indirect material used 54,000
Depreciation on factory equipment 72,000
Insurance on factory and equipment 48,000
Electricity for factory 84,000
Work in process inventory, 1 January 0
Work in process inventory, 31 December 48,000
Finished goods inventory, 1 January 42,000
Finished goods inventory, 31 December 48,000
Required - Prepare Sunshine Sdn Bhd:
a. Schedule of cost of goods manufactured.
b. Schedule of cost of goods sold.
c. Income statement.