The following balances were extracted from the books of Titan Manufacturing Lt...
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The following balances were extracted from the books of Titan Manufacturing Ltd., a manufacturing business, on 31 December 2026:
| Account Name | Debit ($) | Credit ($) |
|---|---|---|
| Sales | 310,000 | |
| Production wages | 58,000 | |
| Purchase of raw materials | 120,000 | |
| Depreciation of manufacturing equipment | 12,000 | |
| Production overhead expenses | 9,000 | |
| Rent | 12,000 | |
| Depreciation of office equipment | 3,000 | |
| Salaries of salesmen | 18,000 | |
| Delivery costs | 14,000 | |
| Advertising costs | 8,000 | |
| General administration expenses | 25,000 | |
| Stocks at 1 January: | ||
| - Raw materials | 18,000 | |
| - Work in progress | 2,000 | |
| - Finished goods | 22,000 |
Additional notes
a) Stocks (inventories) at 31 December were:
- Raw materials: 14,000
- Work in progress: 3,000
- Finished goods: 26,000
b) Two-thirds of the rent charge relates to the factory.
What is the Gross Profit for the year ended 31 December 2026?
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