Question: Rainbow Pty Ltd has provided the following data for the year ending 31 December 2019 Ledger balances as at 31 December 2019 Sales - $387,500

Rainbow Pty Ltd has provided the following data for the year ending 31 December 2019

Ledger balances as at 31 December 2019

  • Sales - $387,500
  • Sales Returns - $3,400
  • Work in process inventory 1 January 2019 - $8,400
  • Direct material inventory 1 January 2019 - $29,850
  • Finished goods inventory 1 January 2019 - $65,000
  • Indirect material inventory 1 January 2019 -$3,300
  • Purchases direct materials - $98,140
  • Returns of direct materials - $2,750
  • Freight inwards on direct materials - $2,060
  • Direct wages paid - $64,500
  • Indirect wages paid - $9,340
  • Indirect materials purchased - $11,090
  • Factory rates paid - $5,310
  • Other factory expenses - $23,150

Additional Information

At 31 December the following adjustments are needed:

  • Accrued direct wages - $1,550
  • Accrued indirect wages - $960
  • Factory rates prepaid - $490
  • Depreciation on factory plant - $7,030

Physical stock take at 31 December 2019:

  • Direct material inventory on hand - $24,350
  • Finished goods inventory on hand - $32,190
  • Indirect material inventory on hand - $1,730
  • Work in process inventory on hand - $8,070

Required:

  • Prepare Manufacturing Statement for Rainbow Pty Ltd for the period ended 31 December 2019
  • Prepare Trading Statement for Rainbow Pty Ltd for the period ended 31 December 2019

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