type in a table TUTORIAL: Manufacturing Account The following are the balances o
ID: 2331000 • Letter: T
Question
type in a table
TUTORIAL: Manufacturing Account The following are the balances of T Jackson for the yoar ended 31 December 2011 RM Stock at 1 January 2011 Raw materials Work in Progress Finished goods 18,450 23,600 17,470 St At 64.300 Purchases : Rew materials Carriage on raw materials Direct Labour Office salaries Rent Office lighting & heating 1,605 65,810 16,920 2,700 5.760 8,300 Depreciation: Works machinery Office equipment 1,950 200,600 Sales Factory Fuel and power Rent is to be apportioned Factory 2/3; Office 1/3 Stocks at 31 December 2011 were 5,920 Raw materials Work in Progress Finished goods 20,210 17,390 21,485 PREPARE A Manufeuing, radingand prft and lo aeout fo he ear ended st December 2011.Explanation / Answer
Answer
Manufacturing Trading and Profit & Loss Account
Work in Process Beginning Inventory (1 Jan 2011)
$ 23,600.00
Raw Material Used:
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
$ 1,800.00
Depreciation: Work Machinery
$ 8,300.00
Factory Fuel & Power
$ 5,920.00
Total Manufacturing Cost
$ 145,975.00
Total Cost of Work In Process
$ 169,575.00
Less:
Work in Process Ending Inventory (31 Dec 2011)
$ 17,390.00
Cost of Goods Manufactured Transferred to Trading Profit and Loss Account
$ 152,185.00
Finished goods Beginning Inventory
$ 17,470.00
Cost of Goods Manufactured Transferred to Trading Profit and Loss Account
$ 152,185.00
Cost of Goods Available for Sale
$ 169,655.00
Less:
Finished goods Ending Inventory
$ 21,485.00
Cost of Goods Sold
$ 148,170.00
Sales
$ 200,600.00
Cost of Goods Sold
$ 148,170.00
Gross Profits
$ 52,430.00
Less - Operating Expenses:
Office Salaries
$ 16,920.00
Office Rent
$ 900.00
Office Lightning & heating
$ 5,760.00
Depreciation: Office Equipment
$ 1,950.00
Total Operating Expenses
$ 25,530.00
Net Operating Income - Net Profits
$ 26,900.00
Manufacturing Trading and Profit & Loss Account
Work in Process Beginning Inventory (1 Jan 2011)
$ 23,600.00
Raw Material Used:
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
$ 1,800.00
Depreciation: Work Machinery
$ 8,300.00
Factory Fuel & Power
$ 5,920.00
Total Manufacturing Cost
$ 145,975.00
Total Cost of Work In Process
$ 169,575.00
Less:
Work in Process Ending Inventory (31 Dec 2011)
$ 17,390.00
Cost of Goods Manufactured Transferred to Trading Profit and Loss Account
$ 152,185.00
Finished goods Beginning Inventory
$ 17,470.00
Cost of Goods Manufactured Transferred to Trading Profit and Loss Account
$ 152,185.00
Cost of Goods Available for Sale
$ 169,655.00
Less:
Finished goods Ending Inventory
$ 21,485.00
Cost of Goods Sold
$ 148,170.00
Sales
$ 200,600.00
Cost of Goods Sold
$ 148,170.00
Gross Profits
$ 52,430.00
Less - Operating Expenses:
Office Salaries
$ 16,920.00
Office Rent
$ 900.00
Office Lightning & heating
$ 5,760.00
Depreciation: Office Equipment
$ 1,950.00
Total Operating Expenses
$ 25,530.00
Net Operating Income - Net Profits
$ 26,900.00
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