The Journey Ends Wine Manufacturing extracted the following balance as at 30 June 2020.
Inventory
Raw materials
12,000
Furnished goods
36,900
Work in progress
33,810
Purchase of raw materials
195,000
Carriage on raw materials
10,500
Direct factory wages
122,100
Indirect factory wages
45,900
Maintenance and repairs
25,350
Electricity
40,110
Sales
900,000
Plant and machinery at cost
426,000
Provision for depreciation on plant and machinery
36,000
Receivables
15,000
Payables
30,000
Bank
10,000
Capital
Additional Information:
6,760
i. Inventory at 30 June 2020
Raw materials $10,500
Finished goods $51,906
Work in progress $28,260
ii. Depreciation is to be calculated on plant and machinery at the rate of 10% of cost.
iii. The office is responsible for 2/5 of the maintenance.
iv. Electricity outstanding at the end of the year $90
v. The factory is responsible for 1/3 of electricity.
vi. Production cost was transferred at a mark up of 20%
a. The Manufacturing Account and Income Statement.(32 marks)
b. Calculate the value of total assets. (8 marks)
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