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    Manufacturing Account Income Statement 20200903

    Uploaded by

    Haewon Kook
    The document is the manufacturing account and income statement for M Limited for the year ended 31 December 2015. It shows the opening and closing inventory amounts for raw materials and work in progress. It also lists expenses like wages, rent, utilities. The manufacturing account calculates the factory cost of finished goods which is then transferred to the income statement along with the opening and closing finished goods inventory to calculate gross profit. The income statement also lists operating expenses and calculates net profit.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Manufacturing Account Income Statement 20200903

    Uploaded by

    Haewon Kook
    93 views4 pages
    The document is the manufacturing account and income statement for M Limited for the year ended 31 December 2015. It shows the opening and closing inventory amounts for raw materials and work in progress. It also lists expenses like wages, rent, utilities. The manufacturing account calculates the factory cost of finished goods which is then transferred to the income statement along with the opening and closing finished goods inventory to calculate gross profit. The income statement also lists operating expenses and calculates net profit.

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    Manufacturing Account Income Statement 20200903.xlsx

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    The document is the manufacturing account and income statement for M Limited for the year ended 31 December 2015. It shows the opening and closing inventory amounts for raw materials and work in progress. It also lists expenses like wages, rent, utilities. The manufacturing account calculates the factory cost of finished goods which is then transferred to the income statement along with the opening and closing finished goods inventory to calculate gross profit. The income statement also lists operating expenses and calculates net profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    93 views4 pages

    Manufacturing Account Income Statement 20200903

    Uploaded by

    Haewon Kook
    The document is the manufacturing account and income statement for M Limited for the year ended 31 December 2015. It shows the opening and closing inventory amounts for raw materials and work in progress. It also lists expenses like wages, rent, utilities. The manufacturing account calculates the factory cost of finished goods which is then transferred to the income statement along with the opening and closing finished goods inventory to calculate gross profit. The income statement also lists operating expenses and calculates net profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    M Limited Manufacturing Account for the year ended 31 December 2015

    Opening inventory for raw materials 10400


    Purchases of raw materials 146200
    Carriage in 3160
    159760
    Closing inventory of raw materials -11750

    Direct wages

    Prime Cost

    Indirect wages 54650


    Rent 36000
    Heat, light and power 25680
    General expenses 9450
    Depreciation on machinery 20000

    Opening inventory WIP 12600


    Closing inventory WIP -14670

    Factory cost of finished goods


    Add Factory profit (20%)

    Factory cost transferred to income statement

    M Limited Income Statement at the year ended 31 December 2015


    Revenue

    Opening inventory of finished goods 14904


    Finished goods transferred from the manufacturing account 649344
    Closing inventory of finished goods -15750

    Gross Profit

    Office salaries 24780


    Carriage out 2790
    Rent 9000
    Heat, light and power 6420
    General expenses 3150
    Depreciation on motor vehicle 6250
    Depreciation on offcie equipment 1560
    Profit from operations

    Add Facotry profit 108224


    Less Increase in provision for unrealised profit 141

    Profit for the year


    ecember 2015

    148010

    249400

    397410

    145780

    543190

    -2070

    541120
    108224

    649344

    mber 2015
    742490

    648498

    93992

    -53950
    40042

    108083

    148125

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