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Manufacturing & Trading Statements

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Manufacturing & Trading Statements FNSACC507A – Provide Management Accounting Information MANUFACTURING & TRADING STATEMENTS PART A: Manufacturing & Trading Statements “What is this unit about?” In this unit our primary objective is to learn how to provide management accounting information. One of the most effective ways for us (as management accountants) to communicate accounting information for a financial period to our internal and external users is through the provision of some financial reports. For a manufacturing organisation, these financial statements include: A: a MANUFACTURING statement B. a TRADING statement C. an INCOME statement Statements A and B will be the focus of this lesson. Let’s take a look at the FORMAT of each of these statements now. 1 THE FORMAT OF: A: a MANUFACTURING statement B. a TRADING statement C. an INCOME statement STATEMENT A: MANUFACTURING B: TRADING C: INCOME (disclose information for a specific time period) Used to determine: Used to determine: Used to determine: Cost of production (COGM) Gross profit from trading Net profit DIRECT MATERIALS (I.1) Sales Gross profit Beginning (op.) + Purchases Less: COGS Less: Operating Expenses ‐ Ending (cl.) Beginning FG (I.3) (op.) Marketing expenses + COGM Admin. expenses + DIRECT LABOUR + Cost of FG (I.3) purchased Financial expenses (note 2) = COG available for sale + FACTORY OVERHEAD ‐ Ending FG (I.3) (cl.) Net Profit Indirect materials (I.1) Indirect labour Gross Profit All other factory overhead + WIP (I.2) + Beginning ‐ Ending = COGM (cost of goods manufactured) (note 1) Statement Note 1: Only manufacturing (or factory‐related) costs are included in COGM. Statement Note 2: Included if finished goods are purchased from outside suppliers for resale purposes in addition to goods which are manufactured for sale. NOTE how the statements are linked together by COGM and GROSS PROFIT. NOTE how the format of each statement reinforces the physical flow of goods in the manufacturing process (i.e. RAW MATERIALS (input) undergo a process (WIP) to become FINISHED GOODS (output) (denoted by I.1, I.2 and I.3 respectively – I = Inventory). 2 WORKING OUT EACH OF THE COMPONENTS WHICH MUST BE DISLOSED ON A MANUFACTURING STATEMENT These statements are put together using information accounted for on an accruals basis. “Why is this important?” The manufacturing statement is broken down into four (4) distinct groups or components: 1. Direct materials 2. Direct labour 3. Factory overhead 4. WIP Generally, the amount to be included on the manufacturing statement for each individual line item can be determined by reconstructing the relevant general ledger account. For EXPENSE items, take into account any prior period adjustments. For INVENTORY (ASSET) items, take into account any opening or closing inventory. When working out the balance of an expense item (e.g. direct labour) for which there are some prior period adjustments (i.e. accruals or prepayments), these adjustments need to be taken into account (i.e. the prior period accrual must be reversed and the prior period prepayment must be expensed either in part or full). 3 The following table may help you piece together each of the three (3) major costs of production which must be disclosed on the manufacturing statement, namely DIRECT MATERIALS, DIRECT LABOUR and FACTORY OVERHEAD. ITEM Is the item an ASSET, an EXPENSE or What is the ASSET What is the a MIX of both? COMPONENT? EXPENSE COMPONENT? DIRECT MIXED Opening inventory Purchases MATERIALS Closing inventory DIRECT EXPENSE ONLY Direct labour LABOUR FACTORY MIXED FACTORY SUPPLIES FACTORY SUPPLIES OVERHEAD e.g. only: only: Indirect materials (e.g. factory supplies) Opening inventory Purchases Indirect labour Closing inventory Factory rent All other factory overhead (FACTORY SUPPLIES is an asset) 4 PART B: Practice workshop Textbook Management Accounting – Colin Davy and Danny Bruce (5th edition) Chapter review question Topic Time allowed 1 (p. 145) (a, c and d) Direct materials 15 mins 2 and 3 (p. 146) Direct labour 15 mins 5 (p. 146) Factory overhead (total) 10 mins 7 and 8 (p. 147) Factory overhead (part) 10 mins 13 (p. 150) Manufacturing and trading statement 30 mins Total time required to complete the PRACTICE WORKSHOP = 1 hour + 20 mins * * * * * * 5 SOLUTIONS Question 1 (in each case, students need to calculate DIRECT MATERIAL COST) 1a. Op. $5,000 + Purchases $25,000 ‐ Cl. $4,000 DM cost $26,000 1b. Op. $4,000 + Purchases $26,000 ‐ Cl. $3,000 DM cost $27,000 1c. Op. $5,000 + Purchases $32,000 ‐ Cl. $8,000 DM cost $29,000 1d. Op. $5,000 + Purchases $26,000 (refer explanation below) ‐ Cl. $6,000 DM cost $25,000 Purchases: ACCRUED $10,000 +$1,000 $11,000 1/7/2011 30/6/2012 PAID +$25,000 TOTAL +$26,000 ACCRUED: Here are you working out the net accrual for the period only by taking into account the period’s opening accrual balance (which is basically the reversal of the prior period’s end‐of‐period accrual). To further explain this concept, reconstruct the relevant GENERAL LEDGER account: PURCHASES (EXPENSE) Current period accrual $11,000 Reverse prior period accrual $10,000 (30/6/12) (1/7/11) Paid $25,000 Raw materials control $26,000 Total $36,000 Total $36,000 1e. Op. $6,500 + Purchases $27,300 ‐ Cl. $1,100 DM cost $32,700 6 Questions 2 to 4 (in each case, students need to calculate DIRECT LABOUR COST) 2. ACCRUED $1,400 +$800 $2,200 1/7/2011 30/6/2012 PAID +$48,000 TOTAL +$48,800 DL paid $48,000 ‐ DL accrued (1/7/11) $1,400 + DL accrued (30/6/11) $2,200 DL cost $48,800 3. ACCRUED $3,200 ‐$1,000 $2,200 1/7/2011 30/6/2012 PAID +$56,000 TOTAL +$55,000 DL paid $56,000 ‐ DL accrued (1/7/11) $3,200 + DL accrued (30/6/11) $2,200 DL cost $55,000 (note: incl. production cost only) 4. ACCRUED $1,600 ‐$500 $1,100 1/7/2011 30/6/2012 PAID +$52,000 TOTAL +$51,500 DL paid $52,000 ‐ DL accrued (1/7/11) $1,600 + DL accrued (30/6/11) $1,100 + Beginning WIP (op.) $11,800 ‐ Ending WIP (cl.) $3,300 DL cost $60,000 7 Question 5 (students need to calculate FACTORY OVERHEAD COSTS) Factory insurance $400 Factory light and power $1,800 Factory supervisor $15,200 (Paid – Op. Accrual + Cl. Accrual) (A: INDIRECT LABOUR) ($15,000 ‐ $200 + $400) Factory repairs $1,300 Factory depreciation ‐ machinery $5,900 Factory supplies $5,400 (Op. + Purchases – Cl.) (B: INDIRECT MATERIAL) ($1,700 + $5,100 1 $1,400) Total Factory Overhead $30,000 A: INDIRECT LABOUR (EXPENSE) Current period accrual $400 Reverse prior period accrual $200 (30/6/12) (1/7/11) Paid $15,000 Factory overhead $15,200 Total $15,400 Total $15,400 B: INDIRECT MATERIALS (ASSET) Balance b/d $1,700 Factory overhead $5,400 Purchases $5,100 Balance c/d $1,400 Total $6,800 Total $6,800 Balance b/d $1,400 Questions 7 and 8 (in each case, students need to calculate a particular factory overhead cost) 7. FACTORY RATES (EXPENSE) Current period accrual $1,000 Factory overhead $4,000 (30/6/12) Paid $3,000 Total $4,000 Total $4,000 ACCRUAL (30/6/12): Dr Expense $1,000 Cr Accrued expense $1,000 PAYMENT (1/7/11 to 30/6/12): Dr Expense $3,000 Cr Bank $3,000 8 8. FACTORY RATES (EXPENSE) Expensed prior period $1,200 Factory overhead $4,300 prepayment Current period accrual $600 (30/6/12) Paid $2,500 Total $4,300 Total $4,300 PREPAYMENT (30/6/11): Dr Prepayment $1,200 Cr Bank $1,200 PREPAYMENT EXPENSED (1/7/11 to 30/6/12): Dr Expense $1,200 Cr Prepayment $1,200 We are going to assume that the prepaid amount is expensed in full over the course of the year. ACCRUAL (30/6/12): Dr Expense $600 Cr Accrued expense $600 PAYMENT (1/7/11 to 30/6/12): Dr Expense $2,500 Cr Bank $2,500 9 Question 13 (students have to prepare a MANUFACTURING STATEMENT and a TRADING STATEMENT) MANUFACTURING STATEMENT DIRECT MATERIALS Op. $40,000 + Purchases $185,000 ‐ Cl. $30,000 $195,000 DIRECT LABOUR $290,000 FACTORY OVERHEAD Indirect labour (wages + salaries) $134,000 Depreciation – factory plant $25,000 Factory power, light & fuels $6,000 Sundry factory overhead $80,000 $245,000 + Beginning WIP $45,000 ‐ Ending WIP $25,000 COGM $750,000 TRADING STATEMENT SALES $1,200,000 LESS: COGS Beginning FG $110,000 + COGM $750,000 + FG purchased $150,000 COG available for sale $1,010,000 ‐ Ending FG $140,000 $870,000 GROSS PROFIT $330,000 10.
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