TentForce Enterprise is a manufacturer of tents used for recreation. The following are the business account...

  

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TentForce Enterprise is a manufacturer of tents used for recreation. The following are the business account balances for the year ended 31 January 2023: Accounts Sales Insurance expense Utilities expense Salaries expense Depreciation expense Freight-out expense Purchases of raw materials Direct labour Factory maintenance expense Sales and services expense Interest expense Indirect labour RM 1,150,000 25,500 37,700 225,000 34,300 6,800 305,000 351,200 25,200 50,500 2,500 28,600 Inventories at 1 February 2022: - Raw Materials 1. 2. 3. - Work in process - Finished goods Inventories at 31 January 2023: - Raw Materials - Work in process Finished goods - Additional information: 2/3 of the insurance expense is for the factory. 60% of the depreciation is for the factory's equipment. The ratio of utilities expenses for factory to office use is 4:1. 33,400 36,800 57,500 45,600 50,400 75,000 Required: Prepare for TentForce Enterprise: i) The Cost of Goods Manufactured Schedule for the year ended 31 January 2023. (9 marks) ii) iii) iv) Income Statement for the year ended 31 January 2023. (9 marks) The presentation for inventories in the Statement of Financial Position as at 31 January 2023. (2 marks) Assume that Tentforce Enterprise is a distributor of the recreational tent, show the inventory item in the Statement of Financial Position at 31 January 2023. TentForce Enterprise is a manufacturer of tents used for recreation. The following are the business account balances for the year ended 31 January 2023: Accounts Sales Insurance expense Utilities expense Salaries expense Depreciation expense Freight-out expense Purchases of raw materials Direct labour Factory maintenance expense Sales and services expense Interest expense Indirect labour RM 1,150,000 25,500 37,700 225,000 34,300 6,800 305,000 351,200 25,200 50,500 2,500 28,600 Inventories at 1 February 2022: - Raw Materials 1. 2. 3. - Work in process - Finished goods Inventories at 31 January 2023: - Raw Materials - Work in process Finished goods - Additional information: 2/3 of the insurance expense is for the factory. 60% of the depreciation is for the factory's equipment. The ratio of utilities expenses for factory to office use is 4:1. 33,400 36,800 57,500 45,600 50,400 75,000 Required: Prepare for TentForce Enterprise: i) The Cost of Goods Manufactured Schedule for the year ended 31 January 2023. (9 marks) ii) iii) iv) Income Statement for the year ended 31 January 2023. (9 marks) The presentation for inventories in the Statement of Financial Position as at 31 January 2023. (2 marks) Assume that Tentforce Enterprise is a distributor of the recreational tent, show the inventory item in the Statement of Financial Position at 31 January 2023.

Answer rating: 100% (QA)

i Cost of Goods Manufactured Schedule for the year ended 31 January 2023 Cost of Goods Manufactured ... View the full answer