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Manufacturing Statement Exercise
by Falakiko Asisi Pouhila
Select the relevant information and prepare a fully classified manufacturing statement OR cost of production of Samiu Manufacturers Ltd.
Given below are the ledger balances of Samiu Manufacturers Ltd. as at 31st December, 2012:
General Ledger Account: Purchase of Raw Material - 320,000 Sales of Plyboard - 900,000 Factory Power Heating and Lighting - 68,000 Officer Salaries - 80,000 Direct Labour - 538,000 Freight Inward - 32,000 Workshop Repairs and Maintenance - 33,000 Selling and Distribution Expenses - 10,000 Factory Security, Insurance and Sudry Expenses - 36,000 Depreciation - Office Furntiure - 12,000 Depreciation Expenses - Eqipment - 48,000 Interest Expenses - Term Loan - 11,000 Indirect Labour - Factory - 76,000
Balance at January 2012: Stock of Raw Materials - 98,000 Work-in-Progress - 132,000 Finished Work - 290,000 Additional Information Raw Materials on Hand at cost - 148,000 Work-in-Progress amounted - 168,000 Indirect labour owing - 10,000
Required: Prepare a fully classified manufacturing statement OR cost of production of Samiu Manufatures Ltd.