Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to a company ABC Ltd for the year ended 30 June 2020: Transaction totals for the year ended 30 June 2020

The following information relates to a company ABC Ltd for the year ended 30 June 2020:

Transaction totals for the year ended 30 June 2020

R

Credit purchases of raw materials

503750

Freight on raw materiasl purchased (on credit)

99833

Sales of finished producgts

11440000

Direct Labour:

Factory wages

828600

Pension fund contributions paid by employer

172500

Medical aid paid by employer

227200

UIF Contributions paid by employer

8144

Indirect Labour

500250

Electricity

Factory

211450

Administration offices

127900

Rent Expenses

Factory

82700

Administration offices

105900

Telephone and fax

Facotry

111166

Administrative offices

145438

Insurance

Factory

205894

Administration offices

132716

Selling and administration costs

327195

Stationary

60445

Salaries and administration staff

488250

Sales returns of finished products

49361

Consumabiles stores (indirect materials issued to the factory)

144710

Depreciation on factory machinery

180211

Balances on 1 July 2019

R

Raw Materials inventory

127894

Work in progress inventory

43394

Finished goods inventory

216450

Balances on 30 June 2020

R

Work in process goods on hand

617450

Raw material on hand

99000

Finished products on hand

477716

Required:

Prepare the production cost statement, trading statement and the relevant notes for the year ended 30 June 2020.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

T F A revolving credit agreement is a guaranteed line of credit.

Answered: 1 week ago