How to calculate the net profit

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Reference no: EM132574532

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

Reference no: EM132574532

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