Question
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.
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