type in a table Anewer format for axercis tock raw materias mber 2011 Add: Gerrl

ID: 2332009 • Letter: T

Question

type in a table

Anewer format for axercis tock raw materias mber 2011 Add: Gerrlage Imwards Less Stock raw materials 31.12.2011 Cost of raw materials consuned Direct Labour Prime Cost Factory overheed expenses Rent 2/3 Fuel & Power Depreciajion: Machinery 70 2 50 Add : WIP 1.1.2011 Less: WP 31.12.2011 Production cost of goods completed c/d Sales Less; cost of goods sold Stock finished goods 1.1.2011 Add: Production coat of goods cormpleted Less : Stock finished goods 31.12.2011 Gross Profit Less: Expenses Office salaries Rent 1/3 Office Lighting & Heating Depreciation :Off Equipment lo NET PROFIT

Explanation / Answer

Answer

Manufacturing Trading & Profit and Loss account

Stock raw Material 1 jan 2011

$ 28,600.00

Add: Purchases

$ 75,600.00

Add: Carriage Inwards

$ 1,700.00

$ 105,900.00

Less: Stock raw materials 31 Dec 2011

$ 17,540.00

Cost of Raw Materials consumed

$ 88,360.00

Direct Labor

$ 54,610.00

Prime Cost

$ 142,970.00

Factory Overhead Expenses:

Rent (2/3)

$ 4,000.00

Fuel & Power

$ 4,610.00

Depreciation: machinery

$ 5,400.00

$ 14,010.00

Add: WIP 1 Jan 2011

$ 13,450.00

$ 27,460.00

Less: WIP Dec 31, 2011

$ 14,130.00

$ 13,330.00

Production Cost of Goods completed c/d

$ 156,300.00

Sales

$ 213,340.00

Less: Cost of Goods Sold

Stock finished Goods 1 Jan 2011

$ 7,110.00

Add: Production cost of Goods Completed

$ 156,300.00

$ 163,410.00

Less: Stock Finished Goods 31 Dec 2011

$ 19,000.00

$ 144,410.00

Gross Profits

$ 68,930.00

Less: Expenses

Office Salaries

$ 17,000.00

Rent 1/3

$ 2,000.00

Office Lightning & Heating

$ 3,120.00

Depreciation: Office Equipment

$ 1,500.00

$ 23,620.00

Net profits

$ 45,310.00