For the year ended 31st December 2020, Jacksons' business sales turnover was 37,800 producing a gross profit of 8,450 (gross profit margin = 22.35%)

Other relevant information:

Opening inventory Closing inventory

Direct materials 450 500

Work-in-progress 850 1,000

Finished goods 1,750 1,800

• The total cost of raw materials consumed was 4,150.
• The cost of direct labour was 12,600 and total production prime cost was 19,200 (after deducting direct expenses).
• Indirect production overheads were 7,100 and machinery depreciation was 3,250.

1. Prepare the manufacturing account of Jacksons Ltd for the year ended 31st December 2020 .
2. Prepare the trading account of Jacksons Ltd for the year ended 31st December 2020

plz show working out for both questions