The statement of cost of production may be presented with:Statement 1: The beginning and ending work in progress showing the breakdown ofdirect materials, direct labour and factory overheadStatement 2: The beginning and ending work in progress showing the breakdown ofthe cost of production according to prime cost and factory overheadStatement 1 and Statement 2Statement 1 and Statement 2 are incorrect Calculate the cost of sales given the following: Net Sales - RM36,4o0,Gross Profit - RM12,600, Net Purchase - RM20,100.RM7,500RM23,800RM28,900RM16,300

In the above question we have asked to select correct answer from the given options which are as…

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Calculate the cost of sales given the following: Net Sales - RM36,400, Gross Profit - RM12,600, Net Purchase - RM20,100. RM7,500 RM23,800 RM28,900 RM16,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The statement of cost of production may be presented with:
Statement 1: The beginning and ending work in progress showing the breakdown of
direct materials, direct labour and factory overhead
Statement 2: The beginning and ending work in progress showing the breakdown of
the cost of production according to prime cost and factory overhead
Statement 1 and Statement 2
Statement 1 and Statement 2 are incorrect

Calculate the cost of sales given the following: Net Sales - RM36,4o0,
Gross Profit - RM12,600, Net Purchase - RM20,100.
RM7,500
RM23,800
RM28,900
RM16,300

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