B. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ).

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1 Manufacturing Accounts ( ) S5 Manufacturing Account/LWL A. Function of a Manufacturing Acccount For those businesses which deal with manufacturing products. It is common in today s business to act both as manufacturer ( ) and retailer ( ). e.g Crocodile, Bossini, G2000, U2. What is the advantage as being a manufacturer as well as a retailer? B. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ). Cost of Production = Prime Cost + Factory Overheads + Opening Work in Progress Closing Work in Progress C. Prime Cost ( ) Prime cost is the DIRECT expenses which can be traced back to each unit of production. It consists of: (1) Direct Materials ( ) (2) Direct Wages ( ) (3) Direct Expenses e.g. Royalty ( ) D. Factory Overheads ( ) Indirect expenses in the factory which helps production of goods. e.g. Indirect wages, rent and rates of the factory, depreciation of plant and machinery, factory fuel and power, etc. E. Work in Progress ( ) Where goods have not been completed, they cannot be sold in the year. For ease of accounts recording, the whole of the Work-in-Progress is calculated. The treatment is the same as in Opening Stock and Closing Stock, i.e. + Opening WIP Closing WIP 1

2 F. Format Company Name Manufacturing, Trading and Profit and Loss Account for the year ended 31 December 200X Raw Materials: Opening Stock Purchases (Raw Materials) x Add : Carriage Inwards xx x Less: Return Outwards (xx) x _ x Less: Closing Stock (Raw materials) (xx) Cost of Raw Materials Consumed x Direct Materials Direct Expenses (Royalty) _ PRIME COST XXXX FACTORY OVERHEADS: Factory rent and rates Fuel and power Indirect wages xx Lubricants ( ) Depreciation of plant and machinery XXXX XXXX WORK-IN-PROGRESS Opening Work-in-Progress ( x ) x Less: Closing Work-in-Progress ( y) () XXX PRODUCTION COST OF GOODS COMPLETED c/d XXXX 2

3 (Trading Account) Finished Goods Sales Less: Cost of Goods Sold Opening Stock Add: Production Cost of Goods Completed b/d Less: Closing Stock GROSS PROFIT Less : Expenses Administrative Expenses (Office expenses) e.g. Office rent and rates Administrative salaries General adminstration expenses Depreciation of office furniture, office equipment Selling and Distribution Expenses e.g. Advertising expenses Sales Commissions Carriage Outwards Financial Expenses e.g. Discounts allowed Bad Debts Provisions for Bad Debts NET PROFIT FOR THE YEAR S5 Manufacturing Account/LWL ===== x x x () () XXX () XXX ==== 3

4 Balance Sheet as at 31 December 200X FIXED ASSETS Cost Accumulated Net Depreciation Book Value Machinery xx x Office Equipment x x _ xx x =============== CURRENT ASSETS Stock : Raw Materials Work in Progress xx Finished Goods Debtors Less: Provisions for Bad Debts () Prepaid Expenses xx Bank Cash x Less: CURRENT LIABILITIES Creditors Accrued expenses xx () Working Capital x ==== FINANCED BY: Capital on x x Add: Net Profit for the year _ x Less: Drawings () x ==== 4

5 G. Difficult Entries: Example: Trial Balance for the year ended 31 December 2002 Dr. Cr. Opening Stock: Loose Tools 12,000 Purchases of loose tools 36,000 Carriage inwards 195,000 Wages and salaries: administrative staff 420,000 Notes: 1. Closing Stock: Loose Tools 8, Salaries of administrative staff included an amount of 80,000 payable to th factory manager as a bonus. Answer: Manufacturing Account for the year ended 31 December

6 Carriage inwards: shoes imported Carriage outwards Electricity Factory expenses Manufacturing wages Office expenses Office furniture and fixtures at cost Opening stocks: Finished goods at cost Work in progress at cost Plant and machinery at cost Purchases: shoes imported Rates and insurance Raw materials consumed Returns inwards: Shoes manufactured Office salaries Sales: Shoes manufactured Shoes imported Selling expenses S5 Manufacturing Account/LWL Exercises Question 1 Tictac Ltd. Manufactured and sold sports shoes. It had also decided to import genuine leather shoes to meet the needs of the local consumers. The following balances were extracted from the books on 31 December 1990: 62,300 6,500 5,600 44, ,500 19, ,000 52,300 23, , ,000 8, ,900 13, , , ,600 36,200 Additional information: (i) Closing stocks valued at cost: Shoes manufactured - Shoes imported 55,400 Work in progress 36,700 (ii) From 1 January 1990 onwards, the manufactured goods are transferred to the trading account at factory cost plus 25% profit loading. (iii) Depreciation is to be provided at 10% on cost for office furniture and fixtures and plant and machinery. (iv) The expenses on electricity, and rates and insurance are chargeable three-fifths to the factory and the balance to the office. (v) On 1 July 1990, the company issued for cash 300,000 10% debentures repayable at the end of June (vi) On 31 December 1990, accrued office salaries amounted to 13,200 and the prepaid insurance premium was 2,300. REQUIRED: Prepare for Tictac Ltd. The following accounts for the year ended 31 December 1990: 6

7 (a) A manufacturing account showing the prime cost and the total cost of manufactured shoes transferred to the trading account. (b) A trading and profit and loss account showing separately the gross profit on sales of manufactured shoes and imported shoes. (91Q.9) Question 2 Success Limited is a retailer of kitchenware. Most goods it trades are purchased from various suppliers in a finished form. In addition, the company manufactures several types of kettles. The bookkeeper drew up the following trial balance at 30 April 1996: Ordinary share capital of 1 each General reserve Retained profits 15% long-term loan 200,000 23, , ,000 Machinery at cost 400,000 - accumulated depreciation as at 1 May ,000 Motor vehicles at cost 160,000 Stocks at 1 May 1995 Raw materials Manufactured goods Other goods Debtors 20,000 10, , ,000 Creditors 48,000 Bank 50,000 Sales 2,200,000 Purchases Raw materials 430,000 - Other goods 1,150,000 Salaries Rent and rates Electricity Interest on loan Sundry expenses 257,000 22,000 10,500 9,000 7,100 2,855,600 ======== 2,855,600 ======== 7

8 Additional information: (i) Depreciation is to be provided using the reducing balance method at the following rates: Motor vehicles 12.5% per annum Machinery 10% per annum The motor vehicle was purchased in It is the company s policy to charge a full year s depreciation in the year of acquisition. (ii) Salaries include wages of 54,000 paid to the kettle-making employees. (iii) Rates prepaid at 30 April 1996 amounted to 2,000. (iv) Accruals at 30 April 1996 were: Electricity 1,500 (v) The apportionment of rent and rates and electricity to the kettle-making department is 25%. (vi) Stocks at 30 April 1996 were: Raw materials 40,000 Manufactured goods 12,500 Other goods 215,000 (vii) The directors proposed to transfer 440,000 of the profits to genral reserve and to declare a final dividend of 0.50 per share. REQUIRED: (a) a manufacturing, trading and profit and loss account (with the section on appropriations) for the year ended 30 April 1996: and (13 marks) (b) a balance sheet (7 marks) (97 Q.7) Question 3 The following trial balance was extracted from the books of Rock Limited, a candy manufacturer, on 30 April 1999: Ordinary share capital of 1 each General reserve Retained profits 240,000 50,000 48,423 Machinery at cost 873,800 - accumulated depreciation as at 1 May ,180 Motor vehicles at cost 134,240 - accumulated depreciation as at 1 May ,280-8

9 Stock as at 1 May 1998 Raw materials Work in progress Finished goods Debtors and creditors Sales Purchases of raw materials 8% debentures (issued in 1990) Bank Wages Salaries Rent and rates (3/5 office; 2/5 factory) Selling expenses 165,300 27,200 72, , ,440 70,560 60, , ,620 97,163 3,050,203 ======== 83,920 2,186, ,000 3,050,203 ======= Additional information: (i) Stock as at 30 April 1999: Raw materials 97,200 Work in progress 30,200 Finished goods 88,400 (ii) Depreciation was to be provided for: Machinery 20% on cost Motor vehicles 25% on net book value (iii) Analysis of the wages figure revealed: Direct manufacturing 48,632 Factory maintenance 12,158 (iv) Accruals at 30 April 1999 were: Debenture interest? Rent 4,380 (v) Rock Limited recently agreed to act as the consignee for Mountain Sweet Limited at a commission of 10% on sales. Consignment sales of 115,000 were credited to the sales account and consignment expenses of 26,500 were included in selling expenses. The unsold consignment goods were included in the closing stock of finished goods at 25,000. No information about the sales has been given to the consignor and no settlement has yet been made. (vi) The directors proposed to transfer 20,000 of the profits to general reserve and declare a final dividend of 30%. 9

10 REQUIRED TO PREPARE: (a) a manufacturing, trading and profit and loss account (with the section on appropriations) for the year ended 30 April 1999; and (11 marks) (b) a balance sheet as at the same date. (9 marks) (99 Q.9) Question 4 The following information is supplied by the bookkeeper of the Overseas Manufacturing Company for the year ended 31 March 2001: Stocks, 1 April 2000 Raw materials Finished goods Work in progress Sales Sales commission Wages and salaries Direct labour Indirect labour Administrative staff Purchases of raw materials Carriage inwards Carriage outwards Electricity and water Other production expenses Other administration expenses Plant and machinery, at cost Office equipment, at cost Stocks, 31 March 2001 Raw materials Finished goods Work in progress 3,150,000 4,470,000 2,745,000 77,280,000 1,512,000 24,930,000 4,890,000 4,203,000 16,936, , ,000 1,035,000 4,980,000 2,565,000 6,000,000 3,800,000 2,370,000 2,625,000 2,820,000 Additional information: (i) Depreciation was to be provided for: Plant and machinery 20% on cost Office equipment 25% on cost 10

11 (ii) Electricity charges of 165,000 were in arrears at 31 March (iii) Electricity and water was to be apportioned as follows: Factory 80% Administration 20% (iv) Salaries of administrative staff included an amount of 80,000 payable to the factory manager as a bonus. REQUIRED: Prepare the manufacturing and trading accounts of Overseas Manufacturing Company for the year ended 31 March 2001, showing clearly the cost of raw materials consumed, the prime cost, the production cost of finished goods and gross profit. (10 marks) (2001 Q.5) Question 6 On 30 April 2002, the following balances were extracted from the books of Wilson Manufacturing Company: Sales 9,890,400 Purchases of raw materials 4,372,000 Carriage inwards 58,000 Carriage outwards 83,840 Stocks, 1 May 2001 Raw materials 225,522 Work in progress 30,180 Finished goods 194,500 Plant and machinery, at cost 980,000 Office equipment, at cost 385,000 Rent and rates 395,250 Electricity and water 134,400 Wages and salaries Direct labour 491,100 Indirect labour 240,000 Administrative staff 910,150 Repairs to machinery 18,928 Other production expenses 326,400 Other administrative expenses 198,685 11

12 Additional information: (i) Stocks as at 30 April 2002: Raw materials 115,290 Work in progress 94,840 Finished goods 181,900 (ii) Depreciation was to be provided for: Plant and machinery 15% on cost Office equipment 20% on cost (iii) Salaries of administrative staff included an amount of 100,000 paid to the factory manager. (iv) Electricity and water was to be apportioned as follows: Factory 75% Administration 25% (v) Rent and rates was to be apportioned as follows: Factory 80% Administration 20% REQUIRED: (a) Briefly explain the difference between direct costs and indirect costs. (2 marks) (b) Calculate the following for Wilson Manufacturing Company for the year ended 30 April 2002: (i) prime cost; (3 marks) (ii) total factory overheads; and (3 marks) (iii) production cost of each unit of finished goods, assuming that Wilson Manufacturing Company had produced 400,000 units of finished goods during the year. (3 marks) (c) Prepare the trading account of Wilson Manufacturing Company for the year ended 30 April (3 marks) (2002 Q.2) 12

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