For the year ended 31st December 2022, Andersons' business sales turnover was 283,500 producing a gross...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For the year ended 31st December 2022, Andersons' business sales turnover was £283,500 producing a gross profit of £70,700 (gross profit margin = 24.94%) Other relevant information: Direct materials Work-in-progress Finished goods Opening inventory £ 3,000 6,000 12,000 Closing inventory £ 3,200 6,500 14,000 . The total cost of raw materials consumed was £27,800. • The cost of direct labour was £90,000 and total production prime cost was £135,800 (after deducting direct expenses). • Indirect production overheads were £60,000 and machinery depreciation was £19,500. Required: a. Prepare the manufacturing account of Andersons Ltd for the year ended 31st December 2022 (Show all workings). 15 marks b. Prepare the trading account of Andersons Ltd for the year ended 31st December 2022 to reconcile your results and the gross profit (and margin) values provided above (Show all workings). For the year ended 31st December 2022, Andersons' business sales turnover was £283,500 producing a gross profit of £70,700 (gross profit margin = 24.94%) Other relevant information: Direct materials Work-in-progress Finished goods Opening inventory £ 3,000 6,000 12,000 Closing inventory £ 3,200 6,500 14,000 . The total cost of raw materials consumed was £27,800. • The cost of direct labour was £90,000 and total production prime cost was £135,800 (after deducting direct expenses). • Indirect production overheads were £60,000 and machinery depreciation was £19,500. Required: a. Prepare the manufacturing account of Andersons Ltd for the year ended 31st December 2022 (Show all workings). 15 marks b. Prepare the trading account of Andersons Ltd for the year ended 31st December 2022 to reconcile your results and the gross profit (and margin) values provided above (Show all workings).
Expert Answer:
Answer rating: 100% (QA)
a Manufacturing account of Andersons Ltd for the year ended 31st December 2022 Particulars Amount ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Raw materials opening inventory was valued at $2,500 and raw materials purchases were $25,000. The total cost of raw materials consumed was $23,800. The cost of direct labour was $80,000 and total...
-
The Thompson Toy Company manufactures toy building block sets for children. Thompson is planning for 2017 by developing a master budget by quarters. Thompsons balance sheet for December 31, 2016,...
-
Old Office Building Karas Investments owns a small office building in Windhoek, from which the company operates. The Windhoek office was purchased on 1 March 2019. Karas Investments decided to move...
-
Mount Everest is Earth's highest mountain above sea level, located in the Mahalangur Himal sub-range of the Himalayas. The ChinaNepal border runs across its summit point. Its elevation of 8,848.86 m...
-
A 230-V dc shunt motor has an armature-circuit resistance of 0.23. When operating from a 230-V supply and driving a constant-torque load, the motor is observed to be drawing an armature current of 60...
-
5 moles of an ideal gas are allowed to expand from an initial state of \(110 \mathrm{dm}^{3}\) at \(320 \mathrm{~K}\) to a final state of \(150 \mathrm{dm}^{3}\) at \(430 \mathrm{~K}\). Estimate the...
-
For a given data set containing 18 points, the assumptions of the linear model are satisfied. The following values are computed: b1 = 5.58 and sb = 4.42. Perform a test of the hypothesis H0 : 1 = 0...
-
On January 1, 2015, the stockholders' equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000....
-
Romero issues $3,400,000 of 10%, 10-year bonds dated January 1, 2020, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,010,000. Required 1. Prepare the...
-
1. Consider the problem of returning change to a customer requiring the smallest number of coins. a. Show that the greedy algorithm given below returns the smallest number of coins for the coin set...
-
How might agriculture adapt to mitigate the impacts of global warming? By reducing the use of genetically modified plants By focusing on growing traditional crops in their current regions By...
-
Describe how postpartum confinement centers in Asia differ from postpartum care and experiences offered in the United States. 2. Would you market postpartum confinement experiences as a luxury...
-
Disruptive Innovation explains how firms may fail even if management are acting rationally. Critically discuss whether this is the case using the Netflix and Blockbuster case studies.
-
Describe one "real world" example that supports (or negates) one of the power models. Based on your viewing of the videos and attached sources, which model seems to have the most supportive evidence...
-
A useful quantity for our purposes is the reproductive distance rate F of a geothermal vent. This measures how much the extremophiles reproduce per metre from the centre of the geothermal vent and...
-
A purchasing and supply chain performance measurement and management system should directly support corporate goals and objectives. A measurement system that directs behavior and activity away from...
-
In a design process, you are asked to select one of the gear materials from AGMA Grade-1 and Grade-2 steels with the desired hardness of 350 HB. The minimum bending and surface fatigue strengths of...
-
Create a data model for one of the processes in the end-of-chapter Exercises for Chapter 4. Explain how you would balance the data model and process model.
-
For each variable cost per unit listed below, determine the total variable cost when units produced and sold are 40, 80, and 160 units. Direct materials .......$ 35 Direct labor ......... 65 Variable...
-
Refer to the Stenback Valley Snow Park Lodge expansion project in Short Exercise S26 4. Compute the payback for the expansion project. Round to one decimal place. Number of additional skiers per...
-
Consider the data of the following companies: Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year ended December 31, 2017, for Ash Company,...
-
What is reaction coordinate? What is its significance in chemical reaction?
-
Show that for steady state flow process, \(\Delta H=Q-W_{S}\).
-
An ideal gas \(\left(C_{P}=5, C_{V}=3 ight)\) is changed from \(1 \mathrm{~atm}\) and \(22.4 \mathrm{~m}^{3}\) to \(10 \mathrm{~atm}\) and 2.24 \(\mathrm{m}^{3}\) by the reversible process of heating...
Study smarter with the SolutionInn App