Asterix plc, a manufacturing company, has extracted the following balances from its books of account for the year ended 30 April 2012: $Revenues6 500Purchases of raw materials1 450Carriage inwards130Carriage outwards75Direct labour1 675Factory overheads1 350Office overheads1 025Inventories at 1 May 2011: Raw materials140Work in progress165Finished goods (at transfer price)330Additional information:Factory overheads of $70 000 are accrued at 30 April 2012.Office overheads of $35 000 have been prepaid at 30 April 2012.Depreciation for the year on the non-current assets totaled $150 000 and this is to be split between the factory and the office in the ratio 2:1.Completed production is transferred at a mark-up on cost of 20%.Inventories were valued on 30 April 2012 as follows: Raw materials 235 work in progress 320 Finished goods (at transfer price) 438REQUIREDPrepare an extract from the statement of financial position at 30 April 2012 to show all inventories

Statement of financial position shows financial position of the business by showing all assets and…

Answered: Asterix plc, a manufacturing company,…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Asterix plc, a manufacturing company, has extracted the following balances from its books of account for the year ended 30 April 2012:

	$
Revenues	6 500
Purchases of raw materials	1 450
Carriage inwards	130
Carriage outwards	75
Direct labour	1 675
Factory overheads	1 350
Office overheads	1 025
Inventories at 1 May 2011:
Raw materials	140
Work in progress	165
Finished goods (at transfer price)	330

Additional information:

Factory overheads of $70 000 are accrued at 30 April 2012.
Office overheads of $35 000 have been prepaid at 30 April 2012.
Depreciation for the year on the non-current assets totaled $150 000 and this is to be split between the factory and the office in the ratio 2:1.
Completed production is transferred at a mark-up on cost of 20%.
Inventories were valued on 30 April 2012 as follows:

Raw materials 235

work in progress 320

Finished goods (at transfer price) 438

REQUIRED

- Prepare an extract from the statement of financial position at 30 April 2012 to show all inventories

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