RUESTION 1 Numerous items are missing from each of the lowing statement of the comprehensive income and cost of goods manufactured statement data for the month of December 2014: Ali Sdn Bhd Sedra Sdn Bhd RM RM Materials inventory, 1 December 185,000 120,000 Materials inventory, 31 December ? 130,000 Materials purchased 170,000 240,000 Cost of direct materials used in production 155,000 Direct labor 220,000 ? Factory overhead 75,000 70,000 Total manufacturing costs incurred during December ? 450,000 Total manufacturing costs 575,000 555,000 Work in process inventory, 1 December 125,000 105,000 Work in process inventory, 31 December 125,000 ? Cost of goods manufactured ? 455,000 Finished goods inventory, 1 December 110,000 75,000 Finished goods inventory, 31 December 115,000 ? Sales 695,000 750,000 Cost of goods sold 330,000 Gross profit ? ? Operating expenses 100,000 Net income ? 340,000 REQUIRED: (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.
RUESTION 1 Numerous items are missing from each of the lowing statement of the comprehensive income and cost of goods manufactured statement data for the month of December 2014: Ali Sdn Bhd Sedra Sdn Bhd RM RM Materials inventory, 1 December 185,000 120,000 Materials inventory, 31 December ? 130,000 Materials purchased 170,000 240,000 Cost of direct materials used in production 155,000 Direct labor 220,000 ? Factory overhead 75,000 70,000 Total manufacturing costs incurred during December ? 450,000 Total manufacturing costs 575,000 555,000 Work in process inventory, 1 December 125,000 105,000 Work in process inventory, 31 December 125,000 ? Cost of goods manufactured ? 455,000 Finished goods inventory, 1 December 110,000 75,000 Finished goods inventory, 31 December 115,000 ? Sales 695,000 750,000 Cost of goods sold 330,000 Gross profit ? ? Operating expenses 100,000 Net income ? 340,000 REQUIRED: (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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:RUESTION 1
Numerous items are missing from each of the lowing statement of the comprehensive
income and cost of goods manufactured statement data for the month of December 2014:
Ali Sdn Bhd Sedra Sdn Bhd
RM
RM
Materials inventory, 1 December
185,000
120,000
Materials inventory, 31 December
?
130,000
Materials purchased
170,000
240,000
Cost of direct materials used in production
155,000
Direct labor
220,000
?
Factory overhead
75,000
70,000
Total manufacturing costs incurred during December
?
450,000
Total manufacturing costs
575,000
555,000
Work in process inventory, 1 December
125,000
105,000
Work in process inventory, 31 December
125,000
?
Cost of goods manufactured
?
455,000
Finished goods inventory, 1 December
110,000
75,000
Finished goods inventory, 31 December
115,000
?
Sales
695,000
750,000
Cost of goods sold
330,000
Gross profit
?
?
Operating expenses
100,000
Net income
?
340,000
REQUIRED:
(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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education