The following information relates to a company G6 Ltd for the year ended 30 June 2020: Transaction totals for the year ended 30 June 2020 R Credit purchases of raw materials 503 750 Freight on raw materials purchases (on credit) 99 833 Sales of finished products 11 440 000 Direct labour: Factory wages 828 600 Pension fund contributions paid by employer 172 500 Medical aid paid by employer 227 200 UIF contributions paid by employer 8 144 Indirect labour 500 250 Electricity : Factory 211 450 Administrative offices 127 900 Rent expense: Factory 82 700 Administrative offices 105 900 Telephone and fax: Factory 111 166 Administrative offices 145 438 Insurance: Factory 205 894 Administrative offices 132 716 Selling and administrative costs 327 195 Stationery 60 445 Salaries and administrative staff 488 250 Sales returns of finished products 49 361 Consumables stores (indirect materials issued to the factory) 144 710 Depreciation on factory machinery 180 211 Balances on 30 June 2020 R Work in process goods on hand 617 450 Raw materials on hand 99 000 Finished products on hand 477 716 Required: Prepare the production cost statement, trading statement and the relevant notes for the year ended 30 June 2020. Balances on 1 July 2019 R Raw Materials inventory 127 894 Work in process inventory 43 394 Finished goods inventory 216 450
The following information relates to a company G6 Ltd for the year ended 30 June 2020:
Transaction totals for the year ended 30 June 2020 R
Credit purchases of raw materials 503 750
Freight on raw materials purchases (on credit) 99 833
Sales of finished products 11 440 000
Direct labour:
Factory wages 828 600
Pension fund contributions paid by employer 172 500
Medical aid paid by employer 227 200
UIF contributions paid by employer 8 144
Indirect labour 500 250
Electricity :
Factory 211 450
Administrative offices 127 900
Rent expense:
Factory 82 700
Administrative offices 105 900
Telephone and fax:
Factory 111 166
Administrative offices 145 438
Insurance:
Factory 205 894
Administrative offices 132 716
Selling and administrative costs 327 195
Stationery 60 445
Salaries and administrative staff 488 250
Sales returns of finished products 49 361
Consumables stores (indirect materials issued to the factory) 144 710
Balances on 30 June 2020 R
Work in process goods on hand 617 450
Raw materials on hand 99 000
Finished products on hand 477 716
Required:
Prepare the production cost statement, trading statement and the relevant notes for the year
ended 30 June 2020.
Balances on 1 July 2019 R
Raw Materials inventory 127 894
Work in process inventory 43 394
Finished goods inventory 216 450
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