Remmie and Steel is a company that manufactures steel products. This information is for the production process:
Question:
Remmie and Steel is a company that manufactures steel products. This information is for the production process:
You are required to:
1. Prepare the work-in-progress inventory account and trading account.
2. If sales were R10 000, what is the gross profit and net profit?
Transcribed Image Text:
Bank costs Raw material purchased Raw material returned Direct labour Indirect labour Indirect material purchased Inventory: Completed goods Work-in-progress Raw material Indirect material 1 Jan. 20x7 3 000 00 2 250 00 1 090 00 00 0 100 00 3 000 00 50 00 500 00 170 00 770 00 31 Dec. 20x7 3 500 00 1 250 00 0 00 700 00
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WorkinProgress Inventory Account Date Account Titles and Explanation Debit R Credit R 31 Dec 20x...View the full answer
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Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
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