The following costs and inventory data were taken from the accounts of Malik Company for the year 2021: 1 January 2021 (RM) 8,000 15,000 16,000 31 December 2021 (RM) 7,000 13,000 12,000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases 98,000 42,000 8,000 10,000 6,000 9,000 17,000 Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses Instructions: (a) Prepare a schedule of Cost of Goods Manufactured for Malik Company for the year ended 31 December 2021. (b) Prepare the Cost of Goods Sold section of the Statement of Profit or Loss for Malik Company for the year ended December 2021.

The following costs and inventory data were taken from the accounts of Malik Company for the year 2021: 1 January 2021 (RM) 8,000 15,000 16,000 31 December 2021 (RM) 7,000 13,000 12,000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases 98,000 42,000 8,000 10,000 6,000 9,000 17,000 Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses Instructions: (a) Prepare a schedule of Cost of Goods Manufactured for Malik Company for the year ended 31 December 2021. (b) Prepare the Cost of Goods Sold section of the Statement of Profit or Loss for Malik Company for the year ended December 2021.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...

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