Use the following information to answer the given question

MANUFACTURING AND TRADING ACCOUNTS

$\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}$

What is the gross profit?

Similar Questions

Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade dis...

The following appears in the trading account except ...

The undistributed profits of a limited liability company is ...

i. cash at bank   ii. cash in hand   iii. premises   iv. land ...

The balance on the sales ledger control Account at the end if the accounting year represents total ...

The depreciation on a motor vehicle that is being used for manufacturing and administration is charg...

The issued share capital is the number of shares that are  ...

A government accounting systems must make sure that ...

Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hli...

John brought in an additional plant into his business. What are the accounting entries necessary to ...