Reference no: EM132584523

The accountant of Jim Sdn. Bhd. presented the following information from the company's accounting records for the year ended 31 December 2019.

RM

Inventories at 1 January 2019:

Raw materials           20,000

Work in process         12,000

Finished goods       80,000

Inventories at 31 December 2019:

Raw materials       24,000

Work in process         8,000

Finished goods         90,000

Sales                  1,100,000

Additional information:

The allocation for the following expenses are as follows:

                                               Office                 Factory

Utility expenses                           60%                    40%

Insurance expenses                       30%                  70%

Maintenance expenses                      40%                60%

Supplies expenses                               50%              50%

REQUIRED:

Question (a) Prepare the Statement of Cost of Goods Manufactured for Jim Sdn. Bhd. for the year ended 31 December 2019.

Question (b) Prepare the Statement of Profit or Loss and Other Comprehensive Income for JIM Sdn. Bhd. for the year ended 31 December 2019.

Selling expenses 170,000

Supplies expenses 60,000

Administrative expenses 50,000

Direct labour 120,000

Purchases of raw materials 190,000

Utility expenses 60,000

Factory management salaries 70,000

Insurance expenses 30,000

Maintenance expenses 28,000

Depreciation for factory 20,000

Factory rental 10,000