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The following balances were extracted from the books of Atlas Enterprises for the year ended 30 September, 2009:
N
Stock ... 1 October 2008
Raw materials
105,500
Factory expenses
50,000
Finished goods
347,000
Sales
1,800,000
Work-in-progress
76,000
Wages
254,500
Purchases: Raw materials
227,000
Rent & rates
40,000
Motor Vehicle expenses
11,000
Salaries
35,000
Depreciation:
Selling expenses
6,800
Plant & machinery
10,000
Market value of goods produced
700,000
Motor Van
8,000
Administrative expenses
65,000
Additional information:
25% of Rent and rates is for the office; 30% of Salaries is for the foreman in the factory.
Stocks as at 30 September, 2009: Raw materials N87,700; Finished goods N320,000; Work-in-Progress N65,000
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