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The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:     Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods   25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment   10,200 2,300 Sales 318,622 Factory fuel and power 8,120   Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840   Required: Prepare statement of cost production for the year ended 31 December 2020 Prepare statement of comprehensive income for the year ended 31 December 2020

The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:     Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods   25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment   10,200 2,300 Sales 318,622 Factory fuel and power 8,120   Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840   Required: Prepare statement of cost production for the year ended 31 December 2020 Prepare statement of comprehensive income for the year ended 31 December 2020

Cornerstones of Cost Management (Cornerstones Series)
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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  1. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:

 

 

Particulars

RM

Inventory at 1 January 2020: Raw materials

Work in progress Finished goods

 

25,400

31,100

23,260

Purchases : raw materials

91,535

Carriage on raw materials

1,960

Direct labour

84,208

Office salaries

33,419

Rent

5,200

Office lighting and heating

4,420

Depreciation:

Works machinery Office equipment

 

10,200

2,300

Sales

318,622

Factory fuel and power

8,120

 

  1. Rent is to be apportioned: factory ¾; office ¼
  2. Inventory at 31 December 2020 was:
    1. Raw materials RM28,900
    2. Work in progress RM24,600
    3. Finished goods RM28,840

 

Required:

  1. Prepare statement of cost production for the year ended 31 December 2020
  2. Prepare statement of comprehensive income for the year ended 31 December 2020
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