Requireda) Record the transaction in the general journalb)

Prepare

inventory card for materials using the FIFO methodc) Prepare the accounts in the general ledger and produced a trial balance at month endd) Using the information from the Materials, labour and factory Overhead Control account

prepare

'Manufacturing Statement' e) Ensure that the Manufacturing Statement reconciles to the work in Progress Control accountf)

Prepare

' Profit and Lost Statement and a Balance Sheet'

Project This project requires you to identify, analyse and clas accounts and prepare cost reports in accord Australian Accounting Standard isactions, record the transactions in the Business Background Jimmy Brewing is a GST reg dies and procedures and the retail outlets. The entity has the following policies and procedures in relation to its manufacturing operations: Materials Policy and Procedures: ed manufacturer of cider which sells at wholesale and Al direct and indirect production m nals are to be maintained and controlled in the Materials store and issued to production at the request of the Factory Manager. Direct materials are to be account with the AASB Inventory stan sing the First-in-first-out method of recording in accordan . amal places. Delivery costa on m counts on the inventory card calculated in two Accounting Standard. Labour Policy and Procedures at of purchases as per the Australian . Al factory labour is controlled by the Human Res request of the Factory Manager. . PAYG taxation to be applied to fortnightly payroll at 20%. allocated to the factory at the . The Superan nuation Guarantee Contribution is to be applied to all factory wages in accordance . legislation and treated as a factory overhead cost. Factory labour allocations: 70%% of total labour costs are to be allocated directly to factory production and 30% to be treated as factory overheads. Overheads Policy and Procedures . Depreciation on factory equipment is to be applied at the end of each month using the Reducing Balance Method of depreciation at 30% p.a At month end factory overheads are to be applied to the factory at $1.00 per direct labour dollar used in production and any under or over applied overhead is to be transferred to Cost of Goods Sold. Accounting Policy and Procedures . Journal entries to be recorded in a General Journal on a daily basis and General Ledger maintained. Control accounts required for Materials, Labour, Factory Overheads, Work in Progress and Finished Goods. . End of month reports required: Trial Bala Sheet alement, Income Statement and Balance Manufacturing Statement to be reconciled to Materials Control, Labour Control, Factory Overhead Control and Work in Progress Control From the following inton (a) Record the transactions in the gene and by TAFE Man (b) Propare an inventory card for mater eral jouma ring you are required for is using the FIFO method (c) Prepare the accounts in the general ledger and produce a trial balance at month end. (d) Using the information from The Mate (e) Ensure that the Manufacturing and Factory Overhead Control accounts prepare a Manufact (0) Prepare a Profit and Less Slate les to the Work in Progress Control account nt and a Balance She Note: Amounts below are GST archesive Account balances: 1. Aug Stock of raw materials 8000 Unit Work in process on hand $140,800 Dr Finished goods on hand $422 400 Dr Bank $281,600 Dr Factory equipment $80,000 Dr Capital $1,600,000 Dr $2.524,800 Or June transactions 2-Aug Direct mater based on credit 19200 Units $357,120 Delivery costs on materials purchased fto be captain $3.571 3-Aug Factory overhead invoices $2.400 8-Aug Factory wages incurred & allocated (refer below) $80,000 10-Aug Direct mate is used in product 14400 Units To be calculated 12-Aug Direct inateriate purchased on credit 18200 Units $342.657 Delivery cools on mater d the be cap $3,214 15-Aug Factory cleaning invoices $25.600 18-Aug Materials returned to supplier (purchased on 12 Aug) 1440 Units To be calculated 22-Aug Factory wages incurred & allocated (rotor below) $96,000 24-Aug Direct eriais used in production 24,560 Unit To be calculated 31-Aug Depreciate factory equipment at 30% pa Provide for Superannuaten guarantee for at the statutory rate of monthly payrol Apply all factory overheads to the Work in Progress Control account Finished goods: 70% of work in process has been completed Credit Sales: 90% of goods in store were sold at a 40% mark-up Factory wages Information: " FAYG deducted at 30% of payroll " Direct Labour to be allocated to jobs at 70%% of total labour costs "Indirect labour to be allocated at 30%% of total labour costs count balances and Aurgent trance tions for Jammy Brewing count balances: 1-Aug Stock of ring materials 5.000 Urals $55,000 D Work in process on hand $165,000 Or Finished goods on hand $110.000 Or $80.000 Dr Bank Factory equipment $1,000.000 D Accumulated depreciation . Factory Equipment $100,000 C $1.310,000 Cr Capital Transactions 12.000 Units $144 000 Plus OST 2-Aug Direct materials purchased on credit $1440 Pum GST Delivery costs on materials purchased $1.500 Plus OST 3-Aug Factory overhead invoices received on credit $50 000 8-Aug Factory wages incurred, paid & allocated 9,000 Unla To be calodated 10-Aug Direct materials used in production 12.090 Units $138,108 Plus GST 12-Aug Direct materials purchased on credit $1,296 Plus GST Delivery costs on materials purchas $16 000 Plus GST 15-Aug Factory cleaning invoices received on credit To be calculated 18-Aug Materials returned to supplier (purchased on 12 Aug ) 900 Units 560 000 22-Aug Factory wages incurred, pad & allocated 9,540 Units To be calculated 24-Aug Direct materials used in production $12.000 Pum GST 28-Aug Received account for advertising (on credit) 31-Aug Finished goods: 80%% of work in process has been completed. Credit Sales: 90%% of goods in store were sold at a 40% mark-up