ManufacTuring CosT Schedule and Income STaTemenT
can you solve the maths which are provided in doc file
Queston 1 ManufacTuring CosT Schedule and Income STaTemenT (10marks). This queston rela±es ±o learning ma±erial and objectves from Online Topics 1, 2 and 3. As part of its expansion into foreign markets Mercury Australasia Ltd has recently purchased well known garden implement manufacturer ‘Winner Mowers’. Mercury believe that with the rapid growth in the Chinese middle class famous brands like the Australian ‘Winner’ lawn mower will have a large market in China when marketed through Mercury’s extensive Chinese distribuTon channels. As part of the due diligence around the purchase of ‘Winner Mowers’ you have been asked to prepare an up to date Cost of Manufacturing Schedule and Income Statement. Mr Lorne Greene, the management accountant at ‘Winner’, has provided you with the following data which relates to the 2016 Fnancial year which has just completed. ±he Frm manufactures the body and mechanics of the mowers and installs Briggs & Stra²on motors to drive them. On June 30th, 2016 the following balances were recorded for ‘Winner Mowers’ inventory accounts (with comparaTve 1/7/2015 Opening Balance Fgures): InvenTory AccounT: July 1, 2015 Jun 30, 2016 Work in Process (WIP) InvenTory: $ Opening $ Closing Raw Materials 215,000 320,000 Briggs & Stra²on Motors 364,000 387,000 Direct Labour 124,000 136,000 Manufacturing Overhead 35,000 36,500 Raw Material Inventory 962,000 813,000 Briggs & Stra²on Motors Inventory 465,000 127,000 ³inished Goods Inventory 1,871,000 1,927,000 Other balances recorded in the accounts of ‘Winner Mowers’ included the following: AccounT: $ Sales Revenue 12,688,000 Head O´ce Salaries and On-Costs 1,037,000 ³actory Management Salaries 275,000 ³actory Wages (Direct) 2,126,000 Raw Material & Parts Purchases 1,688,000
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Posted 19 Dec 2017 02:12 PM
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