For the year ended 31st December 2020, Jacksons business sales turnover was 40,000 producing a gross profit of 8,450 (gross profit margin = 22.35%)

28,050

5,294 6,600 4,950

(16,844) 11,206

CRN:35565

Other relevant information:

Direct materials Work-in-progress Finished goods

450 500

850 1,000 1,750 1,800

Opening inventory

Closing inventory

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.

8

Required:

5. Prepare the manufacturing account of Jacksons Ltd for the year ended 31st December 2020 (Show all workings).

10 marks

6. Prepare the trading accounts for Jackson LTD for the year end 31stDecember 2020 to reconcile your results and the gross profit (and margin) values provided above (Show all workings).

Requirement 5 marks

For the year ended 31st December 2020, Jacksons' business sales turnover was 40,000 producing a gross profit of 8,450 (gross profit margin = 22.35%) Other relevant information: Opening Closing inventory 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. 8 CRN:35565 Required: 5. Prepare the manufacturing account of Jacksons Ltd for the year ended 31 December 2020 (Show all workings). Requirement C.5 = 10 marks 6. Prepare the trading account of Jacksons Ltd for the year ended 31st December 2020 to reconcile your results and the gross profit (and margin) values provided above (Show all workings). Requirement C.6 = 5 marks For the year ended 31st December 2020, Jacksons' business sales turnover was 40,000 producing a gross profit of 8,450 (gross profit margin = 22.35%) Other relevant information: Opening Closing inventory 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. 8 CRN:35565 Required: 5. Prepare the manufacturing account of Jacksons Ltd for the year ended 31 December 2020 (Show all workings). Requirement C.5 = 10 marks 6. Prepare the trading account of Jacksons Ltd for the year ended 31st December 2020 to reconcile your results and the gross profit (and margin) values provided above (Show all workings). Requirement C.6 = 5 marks