JPT Limited had the following figures extracted from its trial balance (figures as at 31 March 2018 unless otherwise sta

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Jpt Limited Had The Following Figures Extracted From Its Trial Balance Figures As At 31 March 2018 Unless Otherwise Sta 1 (195.68 KiB) Viewed 29 times

JPT Limited had the following figures extracted from its trial balance (figures as at 31 March 2018 unless otherwise stated): Inventory: Raw materials at 1.4.2017 Raw materials at 31.3.2018 Inventory: WIP at 1.4.2017 WIP at 31.3.2018 Inventory: Finished goods at 1.4.2017 Finished goods at 31.3.2018 Purchases of raw materials Sales Wages Rent and rates Heating and lighting Office salaries £000 19 18 26 25 32 36 101 713 216 110 105 78 Further information: a) Depreciation of £18,000 is to be provided for on machinery. Depreciation is provided monthly on vehicles on a straight-line basis. The cost of vehicles is £42,000, their scrap value is £2,000 and their estimated useful life is 5 years. Vehicles are used for delivery to customers only. b) Rent and rates paid in advance amount to £30,000. This expense is to be apportioned 75% to the factory and 25% to the office. c) Heating and lighting expenses of £15,000 are owing and are to be apportioned factory 2/3rds and office 1/3rd. d) Wages are made up of supervisors = £45,000 and machinists = £117,000. The remainder are cleaners' wages, which are to be split equally between the factory and office. e) Finished goods are transferred to the trading account at a profit of 20% on cost. Required: Draw up a manufacturing account, and then an internal Statement of Income for JPT limited for the year ended 31 March 2018.