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Roy Reds Ltd is a Manufacturing Company.The Following Ledger account balances were extracted from the books...

Roy Reds Ltd is a Manufacturing Company.The Following Ledger account balances were extracted from the books of the company for the year ended December 31,2004

stocks as at January1,2004:

Raw materials$40000,Partly manufactured good (WIP) $50000,Finished Goods $37000

Stocks as at December 31,2004:

Raw Materials $30000,Partly Manufactured goods (WIP) $60000 Finished Goods $45000

Other balances:

Purchases of raw materials$136000,freight and carriage on raw materials $5000,production workers salary $170000,Rent and Rates$8000,Gas and Fuel $15000,office workers pay $20000,Depreciation of productive machinery and plant $10000,sales $550000

Notes:

Rent and rates,gas and fuel must be apportioned 60% to factory and 40% to office.

Required:

Prepare the Manufacturing,Trading and Profit and loss Accounts for the period ending 31December 2004(clearly indicate the following in your answer)

1 Prime Cost

2 Factory Overheads

3 Cost of Production

4 Gross Profit

5 Net Profit

Expert Solution

ekkarill92 answered 6 months ago

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