The following costs and inventory data were taken from the accounts of Malik Company for the year 2021: 1 January 2021 (RM) 8,000 15,000 16,000 31 December 2021 (RM) 7,000 13,000 12,000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases 98,000 42,000 8,000 10,000 6,000 9,000 17,000 Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses Instructions: (a) Prepare a schedule of Cost of Goods Manufactured for Malik Company for the year ended 31 December 2021. (b) Prepare the Cost of Goods Sold section of the Statement of Profit or Loss for Malik Company for the year ended December 2021.

The following costs and inventory data were taken from the accounts of Malik Company for the year 2021: 1 January 2021 (RM) 8,000 15,000 16,000 31 December 2021 (RM) 7,000 13,000 12,000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases 98,000 42,000 8,000 10,000 6,000 9,000 17,000 Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses Instructions: (a) Prepare a schedule of Cost of Goods Manufactured for Malik Company for the year ended 31 December 2021. (b) Prepare the Cost of Goods Sold section of the Statement of Profit or Loss for Malik Company for the year ended December 2021.

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 following costs and inventory data were taken from the accounts of Malik Company for the
year 2021:
1 January 2021
(RM)
8,000
15,000
16,000
31 December 2021
(RM)
7,000
13,000
12,000
Inventories:
Raw materials
Work in process
Finished goods
Costs incurred:
Raw materials purchases
98,000
42,000
8,000
10,000
6,000
9,000
17,000
Direct labor
Factory rent
Factory utilities
Indirect materials
Indirect labor
Operating expenses
Instructions:
(a) Prepare a schedule of Cost of Goods Manufactured for Malik Company for the year ended 31
December 2021.
(b) Prepare the Cost of Goods Sold section of the Statement of Profit or Loss for Malik Company
for the year ended December 2021.

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