ASSIGNMENT - 2023 Question 5 Red Limited manufactures footwear. It provided the following...
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ASSIGNMENT - 2023 Question 5 Red Limited manufactures footwear. It provided the following information for the year ended 31 October 2021 NS Stocks 1 November 2020 Raw materials 45 000 Work in progress 13 650 Finished goods 68 000 Purchases of raw materials 282 000 Carriage on raw materials 9000 Direct factory wages 78 600 Indirect factory wages 28 930 Factory machinery-cost 350 000 Factory machinery - provision for depreciation 200 000 Factory power 22379 Heat and light 26 000 Insurance 1 500 Rent and rates 8 000 Stock 31 October 2021: Raw materials 51 000 Work in progress 13 709 Finished goods 78 000 LE Additional information On 31 October 2021 insurance paid in advance amounted to N$500 and direct factory wages owing were N$6 400 Heat and light, insurance and rent and rates are to be apportioned to the factory and , to the administration building Factory machinery is depreciated at the rate of 25% on the reducing balance basis NSSCO ACCOUNT Astonment 2-2021 12
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