The following data relate to the financial records of Bellwood Ltd, a manufacturer, for the year ended 30 June 2019.
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the following data relate to the financial records of bellwood ltd a manufacturer fo 611273
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Inventory of raw materials as at 1 July 2018 |
15,665 |
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Inventory of work-in-progress as at 1 July 2018 |
24,411 |
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Purchases of raw materials |
298,080 |
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Direct power |
11,180 |
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Direct labour |
301,500 |
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Royalties |
5,560 |
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Supervisory wages |
56,110 |
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Factory rent |
17,891 |
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Machinery depreciation |
6,600 |
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Factory maintenance |
4,513 |
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Inventory as at 30 June 2019 was valued as follows: |
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Work-in-progress: |
31,241 |
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Raw materials: |
14,186 |
The manufacturing account based on this data for the appropriate time period would appear as follows:
Bellwood Ltd Manufacturing account for year ended 30 June 2019
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£ |
£ |
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Opening inventory of raw materials |
15,665 |
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Add Purchases of raw materials |
298,080 |
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313,745 |
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Less Closing inventory of raw materials |
14,186 |
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Cost of raw materials consumed |
299,559 |
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Direct labour |
301,500 |
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Direct power |
11,180 |
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Royalties |
5,560 |
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Prime cost |
617,799 |
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Add Indirect factory overheads: |
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Supervisory wages |
56,110 |
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Factory rent |
17,891 |
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Machinery depreciation |
6,600 |
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Factory maintenance |
4,513 |
85,114 |
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702,913 |
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Add Opening work-in-progress |
24,411 |
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727,324 |
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Less Closing work-in-progress |
31,241 |
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Production cost of goods completed |
696,083 |
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