The following is available for Sparkle Ltd Manufacturers for the year ended 28 February 2019: Balances...

   

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The following is available for Sparkle Ltd Manufacturers for the year ended 28 February 2019: Balances Direct material Work in process Finished products Rent paid in advance - factory Water & Electricity in arrears - factory Indirect material purchased cash Indirect material used Direct labour Other overheads paid Insurance-factory Rent-factory 01 March 2018 14 000 6 000 Transaction occurred during the year - all cash, all factory: Water & electricity - factory Indirect wages-factory Material purchased cash (direct) Depreciation factory Direct material used Additional information: 1.000 1 000 700 28 February 2019 19.000 40 000 2 700 20 000 10 000 60 000 8 000 14 000 12 000 75 000 12 000 14 000 28 000 55 000 • Overheads are allocated at 200% of direct material cost • Rent in arrears at the end of 2019 was N$ 800 • Water & electricity in arrears at the end was N$ 600 • Overhead applied are recovered against cost of sales • Finished products are transferred to the sales department at cost price plus 20% You are required to: a) The Manufacturing Cost Statement for Sparkle Ltd Manufacturers for the year ended 28 February 2019 (14 marks) b) Prepare the following general ledger account for the year ended 28 February 2019 • Manufacturing overhead account. (7 marks) c) Prepare the extracted statement of financial position as at 28 February 2021 only showing inventory. (5 marks) The following is available for Sparkle Ltd Manufacturers for the year ended 28 February 2019: Balances Direct material Work in process Finished products Rent paid in advance - factory Water & Electricity in arrears - factory Indirect material purchased cash Indirect material used Direct labour Other overheads paid Insurance-factory Rent-factory 01 March 2018 14 000 6 000 Transaction occurred during the year - all cash, all factory: Water & electricity - factory Indirect wages-factory Material purchased cash (direct) Depreciation factory Direct material used Additional information: 1.000 1 000 700 28 February 2019 19.000 40 000 2 700 20 000 10 000 60 000 8 000 14 000 12 000 75 000 12 000 14 000 28 000 55 000 • Overheads are allocated at 200% of direct material cost • Rent in arrears at the end of 2019 was N$ 800 • Water & electricity in arrears at the end was N$ 600 • Overhead applied are recovered against cost of sales • Finished products are transferred to the sales department at cost price plus 20% You are required to: a) The Manufacturing Cost Statement for Sparkle Ltd Manufacturers for the year ended 28 February 2019 (14 marks) b) Prepare the following general ledger account for the year ended 28 February 2019 • Manufacturing overhead account. (7 marks) c) Prepare the extracted statement of financial position as at 28 February 2021 only showing inventory. (5 marks)

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a Sparkle Lid Manufacturers Manufacturing Cost Statement For the year ended 28 February 2019 Direct ... View the full answer