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The question requires to prepare a manufacturing account and the trading account section of the income statement to show (a)(b)(c)(d)(e) listed in the picture. Thank
The question requires to prepare a manufacturing account and the trading account section of the income statement to show (a)(b)(c)(d)(e) listed in the picture. Thank you!
AFPA121 Principles of Accounting 2 Homework-7 June 2020 Question 4 (Q29.6A) From the following figures prepare a manufacturing account and the trading account section of the income statement so as to show: (a) Cost of raw materials used in production. (b) Prime cost. (c) Production cost of finished goods produced. (d) Cost of goods sold. (e) Gross profit. f 10,500 2,400 14,300 10,200 2,900 13,200 Inventory at 1 January 2020: Raw materials Goods in course of manufacture (at factory cost) Finished goods Inventory at 31 March 2020: Raw materials Goods in course of manufacture (at factory cost) Finished goods Expenditure during the quarter: Purchases of raw materials Factory wages: direct indirect Carriage on purchases of raw materials Rent and business rates of the factory Power Depreciation of machinery Repairs to factory buildings Sundry factory expenses Sales during the quarter 27,200 72,600 13,900 700 1,200 2,000 3,900 1,300 900 160,400Step by Step Solution
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