he 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 Inventoryat 30 June 2020 Raw materials $10,500 Finished goods $51,906 Work in progress $28,260 Depreciationis to be calculated on plant and machinery at the rate of 10% of cost. Theoffice is responsible for 2/5 of the maintenance. Electricity outstanding at the end of the year $90 Thefactory is responsible for 1/3 of electricity. Production cost was transferred at a mark up of 20% TheManufacturing Account and Income Statement. Calculate the value of total assets.
he 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 Inventoryat 30 June 2020 Raw materials $10,500 Finished goods $51,906 Work in progress $28,260 Depreciationis to be calculated on plant and machinery at the rate of 10% of cost. Theoffice is responsible for 2/5 of the maintenance. Electricity outstanding at the end of the year $90 Thefactory is responsible for 1/3 of electricity. Production cost was transferred at a mark up of 20% TheManufacturing Account and Income Statement. Calculate the value of total assets.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 |
36,000 |
|
Receivables |
15,000 |
|
Payables |
30,000 |
|
Bank |
10,000 |
|
Capital Additional Information: |
6,760 |
- Inventoryat 30 June 2020
Raw materials $10,500
Finished goods $51,906
Work in progress $28,260
- Depreciationis to be calculated on plant and machinery at the rate of 10% of cost.
- Theoffice is responsible for 2/5 of the maintenance.
- Electricity outstanding at the end of the year $90
- Thefactory is responsible for 1/3 of electricity.
- Production cost was transferred at a mark up of 20%
- TheManufacturing Account and Income Statement.
- Calculate the value of total assets.
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