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In: Accounting

The following cost data describes the flow of costs for the year ending 31 December 2018...

The following cost data describes the flow of costs for the year ending 31 December 2018 relates to Precise Manufacturing Ltd.

Division North

Division South

$

$

Sales

?

$432,000

Inventories at 1 January 2018

   Raw materials

?

13,500

   Work in process

126,000

13,500

   Finished goods

180,000

?

Inventories at 31 December 2018

   Raw materials

288,000

27,000

   Work in process

?

4,500

   Finished goods

?

22,500

Direct material used

342,000

49,500

Purchases of raw materials

414,000

?

Direct labour

810,000

112,500

Actual manufacturing overhead

936,000

144,000

Selling and administrative expenses

?

?

Total manufacturing costs

?

?

Cost of goods manufactured

2,142,000

?

Cost of goods available for sale

?

324,000

Cost of goods sold

2,214,000

?

Gross profit

756,000

?

Net profit

378,000

90,000

The company uses normal costing and the manufacturing overhead is applied at the rate of 120% of direct labour cost.

Required:

Determine the missing amounts in each of the divisions shown above.


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Expert Solution

ekkarill92 answered 10 months ago
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