question

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Greystanes Pty Ltd uses a periodic inventory system and closes its accounts on 30 June each year. The company's closing entries made on 30 June 2019 were as shown below. 30 June Manufacturing Summary 405 060 Beginning Raw Materials Inventory 10 200 Beginning Work in Process Inventory 26 400 Raw Materials Purchases 80 630 Freight Inwards 2450 Direct Labour 20 060 Factory Overhead 265 320 Ending Raw Materials Inventory 12 400 30 Ending Work in Process Inventory 29 750 Manufacturing Summary 42 150 Profit or Loss Summary 523 510 30 Beginning Finished Goods Inventory 32 000 Selling and Distribution Expenses 61 800 Administrative Expenses 54 300 Finance and Other Expenses 12 500 Manufacturing Summary (COGM) 362 910 Ending Finished Goods Inventory 28 400 30 Sales 680 500 Profit or Loss Summary 708 900 Profit or Loss Summary 185 390 30 Retained Earnings (Profit for the period) 185 390 Required A. Prepare a cost of goods manufactured statement for the year ended 30 June 2016 B. Prepare an income statement for the year ended 30 June 2016. A A. GREYSTANES PTY LTD Cost of Goods Manufactured Statement for the year ended 30 June 2019 B. GREYSTANES PTY LTD Income Statement for the year ended 30 June 2016