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Question Manufacturing Cost Schedule and Income Statement
Neptune Manufacturing Co is a wholly owned subsidiary of Jupiter Australia and utilises a traditional manufacturing cost flow inventory and accounting system. Neptune Manufacturing Co is incorporated and operates in Australia and pays tax at the Australian corporate rate of 30%. There are no adjustments for accruals or prepayments.
Trading data for Neptune Manufacturing Co for the 2013 calendar year was as follows:
Account:
$
Raw Materials & Ingredients (Purchases)
12,582,000
Freight Inwards
370,000
Plant Utility Costs
2,486,500
Depreciation of Factory Plant, Equipment & Machinery
1,250,000
Depreciation of Office Equipment & Furniture
156,000
Office Salaries and Costs
1,256,000
Factory Direct Labour Cost
3,658,000
Factory Indirect Labour Cost
1,123,000
Manufacturing Overhead
482,000
Interest & other charges
1,901,000
Sales Revenue
32,101,000
Freight Outwards
672,000
Sales & Marketing Expenses
1,985,000
Accounting & Audit costs
875,000
On December 31st 2013 selected account balances of Neptune Manufacturing Co were as follows (with comparative 31/12/2012 Opening Balance figures):
Dec 31, 2013
Dec 31, 2012
Cash & Cash Equivalents
327,000
1,243,000
Accounts Receivable
2,459,000
1,926,000
Factory Plant, Equipment & Machinery (at cost)
8,500,000
7,125,000
Office Equipment & Furniture (at cost)
1,500,000
1,450,000
Land & Buildings (at cost)
13,500,000
Raw Material Inventory
386,500
426,000
Work in Process (WIP) Inventory:
Raw Materials
1,178,000
902,000
Direct Labour
647,000
561,000
296,000
205,000
Total WIP
2,121,000
1,668,000
Finished Goods Inventory
1,254,000
1,002,000
Accounts Payable
621,000
987,000
Long Term Debt
15,000,000
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