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The Journey Ends Wine Manufacturing extracted the following balance as at 30 June 2020. ...

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Accounting

The Journey Ends Wine Manufacturing extracted the following balance as at 30 June 2020.

Inventory

Raw materials

12,000

Furnished goods

36,900

Work in progress

33,810

Purchase of raw materials

195,000

Carriage on raw materials

10,500

Direct factory wages

122,100

Indirect factory wages

45,900

Maintenance and repairs

25,350

Electricity

40,110

Sales

900,000

Plant and machinery at cost

426,000

Provision for depreciation on plant and machinery

36,000

Receivables

15,000

Payables

30,000

Bank

10,000

Capital

Additional Information:

6,760

i. Inventory at 30 June 2020

Raw materials $10,500

Finished goods $51,906

Work in progress $28,260

ii. Depreciation is to be calculated on plant and machinery at the rate of 10% of cost.

iii. The office is responsible for 2/5 of the maintenance.

iv. Electricity outstanding at the end of the year $90

v. The factory is responsible for 1/3 of electricity.

vi. Production cost was transferred at a mark up of 20%

a. The Manufacturing Account and Income Statement.(32 marks)

b. Calculate the value of total assets. (8 marks)

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