manufacturing trading, profit and loss account

The following balances as at 28 February 2015 have been extracted from the accounting records of Blue Horizon Ltd: £

Raw material in stock at 01 03 14 15,000, Raw material purchases 120,000, Carriage inwards 7,000 Direct labour 140,000, Indirect factory labour 95,000, Factory power (indirect) 30,000, Insurance of production equipment 12,000, Depreciation of production equipment 55,000, Other production overheads 35,000, WIP at 01 03 14 35,000, Finished goods stock at 01 03 14 50,000, Sales 780,000, Distribution costs 140,000, Administration expenses 120,000, Raw material in stock at 28 02 15; 13,000, WIP at 28 02 15 32,000, Finished goods stock at 28 02 15 40,000,

TASKS (a) Prepare the manufacturing account and trading, profit and loss account for the year ended 28 February 2015.

b) Explain the difference between job costing, batch costing, project costing, and process costing. Illustrate your answer with appropriate examples.

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