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Cambridge IGCSE Accounting practice

Paper 2 structured question: Manufacturing accounts

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Manufacturing accounts

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Paper 2Structured Written Paper2 marks

A sole trader has prepared their financial statements and needs to adjust for work in progress.

Description

Financial Statement Adjustments

The sole trader has reported direct materials of $10,000, direct labor of $5,000, and factory overheads of $3,000. The work in progress at the beginning is $1,000 and at the end is $500.

  1. a

    Explain the adjustments needed for work in progress in the financial statements.

    Aim for approximately 2 distinct marking points.

    [2]

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Paper 2 structured question: Manufacturing accounts

Paper 2Structured Written Paper3 marks

Description

Manufacturing Account Data

The company has the following costs: Direct materials: $50,000, Direct labor: $30,000, Factory overheads: $20,000, Work in progress at the beginning: $5,000, Work in progress at the end: $3,000.

  1. a

    Calculate the total factory cost of production for the year.

    Aim for approximately 3 distinct marking points.

    [3]