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The following data has been extracted from the books of Mary Ltd. At 31 December 2019: Dr Cr Sh. Sh. Stocks at 1 January 2019:
Raw materials 12,500
Work in progress 7,650
Finished goods 18,900
Purchases of raw materials 89,000
Sales 215,000
Direct labour 32,000
Rent and rates 18,000
Electricity 8,000
Office salaries 43,000
Depreciation for the year:
Factory 7,000
Office 3,000
Additional information
1. Stocks at 31.12.19: Sh. Raw materials 11,250 Work in progress 8,420 Finished goods 21,530
2. Rent, rates and electricity are to be apportioned: Factory 75%, Office 25%
Required.
Question 1: A cost statement for Mary Ltd for the year ended 31 December 2019. and calculate the net profit
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