Reference no: EM132572962
Question - The accountant of Jim Sdn. Bhd. presented the following information from the company's accounting records for the year ended 31 December 2019.
RM Inventories at 1 January 2019:
Raw materials 20,000
Work in process 12,000
Finished goods 80,000
Inventories at 31 December 2019:
Raw materials 24,000
Work in process 8,000
Finished goods 90,000
Sales 1,100,000
Selling expenses 170,000
Supplies expenses 60,000
Administrative expenses 50,000
Direct labour 120,000
Purchases of raw materials 190,000
Utility expenses 60,000
Factory management salaries 70,000
Insurance expenses 30,000
Maintenance expenses 28,000
Depreciation for factory 20,000
Factory rental 10,000
Additional information: The allocation for the following expenses are as follows:
Office Factory
Utility expenses 60% 40%
Insurance expenses 30% 70%
Maintenance expenses 40% 60%
Supplies expenses 50% 50%
REQUIRED -
1. Prepare the Statement of Cost of Goods Manufactured for Jim Sdn. Bhd. for the year ended 31 December 2019.
2. Prepare the Statement of Profit or Loss and Other Comprehensive Income for JIM Sdn. Bhd. for the year ended 31 December 2019.