type in a table The folowing are the balances of T Jackson for the year anded 31
ID: 2330997 • Letter: T
Question
type in a table
The folowing are the balances of T Jackson for the year anded 31 Decsmber 2011 RM Stock at 1 January 2011 Raw materials Work in Progress Finished goods 18,450 23,800 17.470 St At 64,300 1,605 65,810 16,920 Purchases : Raw materials Carriage on raw materials Direct Labour Office salaries Rent Office lighting & heating. Depreciation: Works machinery 2,700 5.760 8,300 1,950 200,600 5,920 Office squipment 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 20,210 17,390 21,485 PREPARE A Manufcturing, trading and profit and loss account for the year ended-31 December 2011Explanation / Answer
Answer
>Manufacturing part Is to calculate cost of goods manufactured.
>Trading part is to find the Gross Profits
>Profit and Loss part is to calculate Net Profits
Manufacturing, Trading & Profit & Loss account
For the year ended 31 Dec 2011
(Part - A) Manufacturing Account
Work in Process Beginning Inventory (1 Jan 2011)
$ 23,600.00
Work in Process Ending Inventory (31 Dec 2011)
$ 17,390.00
Raw Material Used:
Cost of Goods Manufactured [Transferred to Trading Account ]
$ 152,185.00
Raw Material Beg Inventory
$ 18,450.00
Raw Material Purchased
$ 64,300.00
Carriage on Raw Material
$ 1,605.00
Raw Material Ending Inventory
$ (20,210.00)
Direct material used
$ 64,145.00
Direct labor
$ 65,810.00
Factory Rent
[2700 x 2/3]
$ 1,800.00
Depreciation: Work Machinery
$ 8,300.00
Factory Fuel & Power
$ 5,920.00
TOTAL
$ 169,575.00
TOTAL
$ 169,575.00
(Part - B) Trading Account
Finished goods Beginning Inventory
$ 17,470.00
Sales
$ 200,600.00
Cost of Goods Manufactured [transferred from manufacturing account]
$ 152,185.00
Finished goods Ending Inventory
$ 21,485.00
Gross Profits
$ 52,430.00
TOTAL
$ 222,085.00
TOTAL
$ 222,085.00
(Part - C) Profit and Loss Account
Office Salaries
$ 16,920.00
Gross Profits (brought downward)
$ 52,430.00
Office Rent
$ 900.00
Office Lightning & heating
$ 5,760.00
Depreciation: Office Equipment
$ 1,950.00
Net Profits
$ 26,900.00
TOTAL
$ 52,430.00
TOTAL
$ 52,430.00
Manufacturing, Trading & Profit & Loss account
For the year ended 31 Dec 2011
(Part - A) Manufacturing Account
Work in Process Beginning Inventory (1 Jan 2011)
$ 23,600.00
Work in Process Ending Inventory (31 Dec 2011)
$ 17,390.00
Raw Material Used:
Cost of Goods Manufactured [Transferred to Trading Account ]
$ 152,185.00
Raw Material Beg Inventory
$ 18,450.00
Raw Material Purchased
$ 64,300.00
Carriage on Raw Material
$ 1,605.00
Raw Material Ending Inventory
$ (20,210.00)
Direct material used
$ 64,145.00
Direct labor
$ 65,810.00
Factory Rent
[2700 x 2/3]
$ 1,800.00
Depreciation: Work Machinery
$ 8,300.00
Factory Fuel & Power
$ 5,920.00
TOTAL
$ 169,575.00
TOTAL
$ 169,575.00
(Part - B) Trading Account
Finished goods Beginning Inventory
$ 17,470.00
Sales
$ 200,600.00
Cost of Goods Manufactured [transferred from manufacturing account]
$ 152,185.00
Finished goods Ending Inventory
$ 21,485.00
Gross Profits
$ 52,430.00
TOTAL
$ 222,085.00
TOTAL
$ 222,085.00
(Part - C) Profit and Loss Account
Office Salaries
$ 16,920.00
Gross Profits (brought downward)
$ 52,430.00
Office Rent
$ 900.00
Office Lightning & heating
$ 5,760.00
Depreciation: Office Equipment
$ 1,950.00
Net Profits
$ 26,900.00
TOTAL
$ 52,430.00
TOTAL
$ 52,430.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.