PLEASE PROVIDE STATEMENT COST OFPRODUCTION, STATEMENT OFCOMPREHENSIVE INCOME AND STATEMENTOF FINANCIAL POSITION ACCORDING TO THEFORMATIllustration 8Suppose Malaysian Clay Manufacturers had the following balances extracted from its books on 31December 2016.Inventories on 1 January 2016Raw MaterialWork in ProgressRaw MaterialDirect LabourFactory OverheadFinished GoodsInventories on 31 December 2016Raw MaterialWork in ProgressRaw MaterialDirect LabourFactory OverheadFinished GoodsRaw Material PurchasesTransportation on Raw MaterialsCustom Duties on Raw MaterialsDirect LabourFactory Overhead:UtilitiesDepreciation of MachineryRent of Factory PremisesFactory Supervisor SalariesFactory Cleaners WagesLubricants and OlsSalesSales ReturnsAdvertising ExpenseSelling ExpenseSalesmen's SalariesGeneral Manager SalariesAdministrative Staff SalariesGeneral Miscellaneous ExpensesBad Debts ExpenseInterest on LoanRM10,00012.0006,00012,00015,0008.00045,00028.00096,00060,00035,00075.000150.00012.00034,000207.00024,00072,00045,00038.00026.00017,0001,270,00023,00085.00060,00030,00048,00012.0006.0001,000

Malaysian Clay ManufacturersStatement of cost of production 31 December, 2016ParticularsAmount…

Answered: PLEASE PROVIDE STATEMENT COST OF…

PLEASE PROVIDE STATEMENT COST OF PRODUCTION, STATEMENT OF COMPREHENSIVE INCOME AND STATEMENT OF FINANCIAL POSITION ACCORDING TO THE FORMAT

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

PLEASE PROVIDE STATEMENT COST OF
PRODUCTION, STATEMENT OF
COMPREHENSIVE INCOME AND STATEMENT
OF FINANCIAL POSITION ACCORDING TO THE
FORMAT
Illustration 8
Suppose Malaysian Clay Manufacturers had the following balances extracted from its books on 31
December 2016.
Inventories on 1 January 2016
Raw Material
Work in Progress
Raw Material
Direct Labour
Factory Overhead
Finished Goods
Inventories on 31 December 2016
Raw Material
Work in Progress
Raw Material
Direct Labour
Factory Overhead
Finished Goods
Raw Material Purchases
Transportation on Raw Materials
Custom Duties on Raw Materials
Direct Labour
Factory Overhead:
Utilities
Depreciation of Machinery
Rent of Factory Premises
Factory Supervisor Salaries
Factory Cleaners Wages
Lubricants and Ols
Sales
Sales Returns
Advertising Expense
Selling Expense
Salesmen's Salaries
General Manager Salaries
Administrative Staff Salaries
General Miscellaneous Expenses
Bad Debts Expense
Interest on Loan
RM
10,000
12.000
6,000
12,000
15,000
8.000
45,000
28.000
96,000
60,000
35,000
75.000
150.000
12.000
34,000
207.000
24,000
72,000
45,000
38.000
26.000
17,000
1,270,000
23,000
85.000
60,000
30,000
48,000
12.000
6.000
1,000

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Step 2: Preparation of the statement of comprehensive income is as follows-

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Step 3: Preparation of the statement of financial position is as follows-

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