RUESTION 1Numerous items are missing from each of the lowing statement of the comprehensiveincome and cost of goods manufactured statement data for the month of December 2014:Ali Sdn Bhd Sedra Sdn BhdRMRMMaterials inventory, 1 December185,000120,000Materials inventory, 31 December?130,000Materials purchased170,000240,000Cost of direct materials used in production155,000Direct labor220,000?Factory overhead75,00070,000Total manufacturing costs incurred during December?450,000Total manufacturing costs575,000555,000Work in process inventory, 1 December125,000105,000Work in process inventory, 31 December125,000?Cost of goods manufactured?455,000Finished goods inventory, 1 December110,00075,000Finished goods inventory, 31 December115,000?Sales695,000750,000Cost of goods sold330,000Gross profit??Operating expenses100,000Net income?340,000REQUIRED:(a)Determine the amounts of the missing items for each company.Prepare the Statement of Cost of Goods Manufactured for Sedra Sdn Bhd.(b)(c)Give THREE (3) differences between managerial and financial accounting.

Cost of goods manufactured includes the cost of all those things which incurred at the time of…

Answered: RUESTION 1 Numerous items are missing…

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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