Peper The tolewing are the balences of 2id plic for the year ended 31 December 2

Question

Peper The tolewing are the balences of 2id plic for the year ended 31 December 2011 RM Raw materials Work Progress Finished goods 28,600 13,450 7.110 ves Purchases : Raw materials Carriage on raw materials Direct Labour Office salaries Rent Office lighting & heating @epreciation Works machinery 75,600 1,700 54,610 17,000 6,000 3.120 5400 ialour. 213,340 4,610 Sales Factory Fuel and power Rent is to be apportioned Factory 2/3; Office 1/3 Stocks at 31 December 2011 were Raw materials Work in Progress Finished goods 17,540 14,130 19,000 Required: Prepare a manufacturing, trading and profit and loss account for the year ended 31 December 2011

Explanation / Answer

Solution:

Manufacturing, trading and profit and loss Account - Zid Pic For the year ended December 31, 2011 Particulars Amount Beginning Raw material inventory $28,600.00 Add: direct material purchases $75,600.00 Add: Carriage on raw material $1,700.00 Less: Ending raw material inventory $17,540.00 Direct material consumed $88,360.00 Direct labor $54,610.00 Manufacturing overhead: Factory Rent ($6,000*2/3) $4,000.00 Depreciation - Work Machinery $5,400.00 Factory fuel and power $4,610.00 Total manufacturing overhead $14,010.00 Total Manufacturing cost incurred $156,980.00 Add: Beginning WIP $13,450.00 Less: Ending WIP $14,130.00 Cost of goods produced $156,300.00 Sales $213,340.00 Less: Cost of goods sold: Beginning finished goods inventory $7,110.00 Add: Cost of goods produced $156,300.00 Less: Ending finished goods inventory $19,000.00 Cost of goods sold $144,410.00 Gross Profit $68,930.00 Expenses: Office Salaries $17,000.00 Office Rent $2,000.00 Office lighting and heating $3,120.00 Depreciation - Office Equipment $1,500.00 Total Expenses $23,620.00 Net Income $45,310.00

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.