The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment 10,200 2,300 Sales 318,622 Factory fuel and power 8,120 Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840 Required: Prepare statement of cost production for the year ended 31 December 2020 Prepare statement of comprehensive income for the year ended 31 December 2020
The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment 10,200 2,300 Sales 318,622 Factory fuel and power 8,120 Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840 Required: Prepare statement of cost production for the year ended 31 December 2020 Prepare statement of comprehensive income for the year ended 31 December 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:
|
Particulars |
RM |
|
Inventory at 1 January 2020: Raw materials Work in progress Finished goods |
25,400 31,100 23,260 |
|
Purchases : raw materials |
91,535 |
|
Carriage on raw materials |
1,960 |
|
Direct labour |
84,208 |
|
Office salaries |
33,419 |
|
Rent |
5,200 |
|
Office lighting and heating |
4,420 |
|
Depreciation: Works machinery Office equipment |
10,200 2,300 |
|
Sales |
318,622 |
|
Factory fuel and power |
8,120 |
- Rent is to be apportioned: factory ¾; office ¼
- Inventory at 31 December 2020 was:
- Raw materials RM28,900
- Work in progress RM24,600
- Finished goods RM28,840
Required:
- Prepare statement of cost production for the year ended 31 December 2020
- Prepare statement of comprehensive income for the year ended 31 December 2020
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