Statement Data for The Month of December 2014

PART B :STRUCTURED QUESTIONSQUESTION 1Numerous items are missing from each of the following statement of the comprehensiveincome and cost of goods manufactured statement data for the month of December 2014:Ali Son Bhd Sedra San BhdRMRMMaterials inventory, 1 December185,000120,000Materials inventory, 31 December130,000Materials purchased170,000240,000Cost of direct materials used in production155,000Direct labor220,000Factory overhead75,00070,000Total manufacturing costs incurred during December450,000Total manufacturing costs575,000$55,000Work in process inventory, 1 December125,000105,000Work in process inventory, 31 December125,000Cost of goods manufactured455,000Finished goods inventory, 1 December110,00075,000Finished goods inventory, 31 December115,000Sales695,000750,000Cost of goods sold330,000Gross profit?Operating expenses100,000Net income340,000REQUIRED:(a)Determine the amounts of the missing items for each company.(6 Marks)(b) Prepare the Statement of Cost of Goods Manufactured for Sedra San Bhd.(6 Marks)(c) Give THREE (3) differences between managerial and financial accounting.

Prof. Angela

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