The folowing are the balances of T Jackson for the year anded 31 Decsmber 2011 R
ID: 2332147 • Letter: T
Question
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
Answers
Manufacturing Trading & Profit and Loss account
Stock raw Material 1 jan 2011
$ 18,450.00
Add: Purchases
$ 64,300.00
Add: Carriage Inwards
$ 1,605.00
$ 84,355.00
Less: Stock raw materials 31 Dec 2011
$ 20,210.00
Cost of Raw Materials consumed
$ 64,145.00
Direct Labor
$ 65,810.00
Prime Cost
$ 129,955.00
Factory Overhead Expenses:
Rent (2/3)
$ 1,800.00
Fuel & Power
$ 5,920.00
Depreciation: machinery
$ 8,300.00
$ 16,020.00
Add: WIP 1 Jan 2011
$ 23,600.00
$ 39,620.00
Less: WIP Dec 31, 2011
$ 17,390.00
$ 22,230.00
Production Cost of Goods completed c/d
$ 152,185.00
Sales
$ 200,600.00
Less: Cost of Goods Sold
Stock finished Goods 1 Jan 2011
$ 17,470.00
Add: Production cost of Goods Completed
$ 152,185.00
$ 169,655.00
Less: Stock Finished Goods 31 Dec 2011
$ 21,485.00
$ 148,170.00
Gross Profits
$ 52,430.00
Less: Expenses
Office Salaries
$ 16,920.00
Rent 1/3
$ 900.00
Office Lightning & Heating
$ 5,760.00
Depreciation: Office Equipment
$ 1,950.00
$ 25,530.00
Net profits
$ 26,900.00
Manufacturing Trading & Profit and Loss account
Stock raw Material 1 jan 2011
$ 18,450.00
Add: Purchases
$ 64,300.00
Add: Carriage Inwards
$ 1,605.00
$ 84,355.00
Less: Stock raw materials 31 Dec 2011
$ 20,210.00
Cost of Raw Materials consumed
$ 64,145.00
Direct Labor
$ 65,810.00
Prime Cost
$ 129,955.00
Factory Overhead Expenses:
Rent (2/3)
$ 1,800.00
Fuel & Power
$ 5,920.00
Depreciation: machinery
$ 8,300.00
$ 16,020.00
Add: WIP 1 Jan 2011
$ 23,600.00
$ 39,620.00
Less: WIP Dec 31, 2011
$ 17,390.00
$ 22,230.00
Production Cost of Goods completed c/d
$ 152,185.00
Sales
$ 200,600.00
Less: Cost of Goods Sold
Stock finished Goods 1 Jan 2011
$ 17,470.00
Add: Production cost of Goods Completed
$ 152,185.00
$ 169,655.00
Less: Stock Finished Goods 31 Dec 2011
$ 21,485.00
$ 148,170.00
Gross Profits
$ 52,430.00
Less: Expenses
Office Salaries
$ 16,920.00
Rent 1/3
$ 900.00
Office Lightning & Heating
$ 5,760.00
Depreciation: Office Equipment
$ 1,950.00
$ 25,530.00
Net profits
$ 26,900.00
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