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QUESTION 3 PenaPerl Business Trading provide the following information from the period ended 31 December...

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Accounting

QUESTION 3 PenaPerl Business Trading provide the following information from the period ended 31 December 2020 RM Raw materials, 1 January 2020 35,000 Work in process, 1 January 2020 13,000 Finished goods, 1 January 2020 29,000 Raw materials purchased 180,000 Direct labour 288,000 Insurance expenses 167,000 Indirect labour 55,000 Factory machine depreciation 180,000 Utilities 50,000 Selling and administrative expenses 135,000 Sales 1,000,000 At the end of period, the balance of inventories are as follows: Raw materials 64,000 Work in process 42,000 Finished goods 33,000 The following costs are divided as follows: Factory building Administration Insurance Expenses 35% 65% Utilities expenses 70% 30% REQUIRED: Calculate the following: a) Direct materials used. (3 Marks) b) Manufacturing overhead. (4 Marks) c) Prepare Statement of Cost of Goods Manufactured which clearly states the cost of goods manufactured for the year ended 31 December 2020. (5 Marks) d) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020.

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