The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:Particulars RMInventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation: Works machinery Office equipment10,200 2,300Sales 318,622Factory fuel and power 8,120 Additional information: 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: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.

Statement of cost production can also be called as cost of goods manufactured statement. It includes…

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Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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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

Additional information:

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:

a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.

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