QUESTION 1 Numerous items are missing from each of the following statement of the comprehensive income and cost of goods manufactured statement data for the month of December 2014 Ali Sdn Bhd Sedra Sdn Bhd RM 185.000 RM 120,000 130,000 240,000 170,000 155,000 220,000 75,000 Materials inventory. I December Materials inventory, 31 December Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory. 1 December Work in process inventory, 31 December Cost of goods manufactured Finished goods inventory. 1 December Finished goods inventory, 31 December Sales Cost of goods sold Gross profit Operating expenses Net income 575.000 125.000 125,000 70,000 450,000 555,000 105,000 ? 455,000 75.000 2 750,000 330,000 ? 110,000 115,000 695,000 100,000 2 340,000 begin not purchase cost of youdy od - 65000 + 170 000 155000 20 ooo REQUIRED: Determine the amounts of the missing items for each company. '55000 + adooo 33.9000 7SOoo Joy (6 Marks) (b) Prepare the Statement of Cost of Goods Manufactured for Sedra Sdn Bhd. (6 Marks) Give THREE (3) differences between managerial and financial accounting. PART B:STRUCTURED QUESTIONS QUESTION 1 Numerous items are missing from each of the following statement of the comprehensive income and cost of goods manufactured statement data for the month of December 2014: Ali Sdn Bhd Sedra Sdn Bhd RM RM Materials inventory, 1 December 185,000 120,000 Materials inventory, 31 December 2 130,000 Materials purchased 170,000 240,000 Cost of direct materials used in production 155,000 ? Direct labor 220,000 ? Factory overhead 75,000 70,000 Total manufacturing costs incurred during December ? 450,000 Total manufacturing costs 575,000 555,000 Work in process inventory, 1 December 125,000 105,000 Work in process inventory, 31 December 125,000 Cost of goods manufactured ? 455,000 Finished goods inventory, 1 December 110,000 75,000 Finished goods inventory, 31 December 115,000 ? Sales 695,000 750,000 Cost of goods sold 330,000 Gross profit ? 2 Operating expenses 100,000 2 Net income ? 340,000 ? REQUIRED: (a) Determine the amounts of the missing items for each company. (6 Marks) (b) Prepare the Statement of Cost of Goods Manufactured for Sedra Sdn Bhd. (6 Marks) (c) Give THREE (3) differences between managerial and financial accounting