Prepare the Manufacturing Account and an Income Statement up to Gross Profit for the year ended 31 December Year 2

3. The following is a list of balances extracted from the financial records of McBean plcas at 31 December Year 2.£000Sales Revenue 1,800Factory Machinery at cost 100Property at cost 838Inventories at 1 January Year 2:Raw Materials 80Work in Progress 60Finished Goods 40Production wages 520Factory indirect labour 68Purchase of Raw Materials 600Carriage on Raw Materials 20Insurance 27Electricity 55Royalties 48Warehouse wages 45Provision for depreciation: Factory Machinery as at 1 January Year 2 40NOTESAt 31 December Year 2, the following additional information was made available:1. Inventories at 31 December Year 2 were as follows:Raw Materials £30,000Work in Progress £54,000Finished Goods £64,0002. On 31 December Year 2, Production wages of £10,000 were payable andInsurance of £2,000 was receivable.3. Electricity had only been paid up to the end of November Year 2. It is to beapportioned as follows:Factory – 80%, Warehouse – 15%, Administration – 5%4. Insurance is to be apportioned as follows:Factory – 60%, Warehouse – 20%, Administration – 20%5. All non-current assets are to be depreciated at the rate of 10% using thediminishing balance method.6. In Year 2 finished goods have been estimated to have a current market value of£1,380,000.
(a) Prepare the Manufacturing Account and an Income Statement up to Gross Profitfor the year ended 31 December Year 2.(b) Explain how either profit or loss on manufacture is treated in the IncomeStatement

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