The Jam Joose is a manufacturer of a local assorted fruit juice. The firm provided the...

  

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The Jam Joose is a manufacturer of a local assorted fruit juice. The firm provided the following data for 2021: Prime cost Factory general expenses Indirect material Wages [60% indirect, 40% admin] Admin expenses 550,000 160,000 50,000 150,000 70,000 65,000 40,000 Opening work in progress Closing work in progress If the goods produced are marked up by 20% in the factory, how much would be shown as factory profits for the year? The Jam Joose is a manufacturer of a local assorted fruit juice. The firm provided the following data for 2021: Prime cost Factory general expenses Indirect material Wages [60% indirect, 40% admin] Admin expenses 550,000 160,000 50,000 150,000 70,000 65,000 40,000 Opening work in progress Closing work in progress If the goods produced are marked up by 20% in the factory, how much would be shown as factory profits for the year?

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To calculate the factory profits for the year we need to determine the cost of goods produced and th... View the full answer