Manufacturing accounts — practice question

Hilary runs a manufacturing business and has supplied the information below. Inventory on 1 August 2022 Raw materials inventory $9100 Work in progress inventory $21357 Finished goods inventory $24235 For the year ended 31 July 2023 Revenue $457250 Raw material purchases $110000 Raw material purchase returns $2200 Finished goods purchases $23500 Finished goods purchase returns $4700 Factory operatives’ wages $91665 Factory supervisor’s wages $29000 Office supervisor’s wages $28000 Heat, light and power $11600 Rates and insurance $8250 Factory repairs and renewals $5125 Factory equipment - at cost $124000 Factory equipment - provision for depreciation $35500 Additional information 1 Inventory on 31 July 2023 Raw materials $9980 Work in progress $22446 Finished goods $25110 2 Heat, light and power is to be apportioned 4/5 to the factory and 1/5 to the office. 3 Rates and insurance is to be apportioned 3/5 to the factory and 2/5 to the office. Insurance of $4440 has been paid for the year to 31 December 2023. 4 At 31 July 2023, a factory repair of $644 was unpaid and no adjustment had been made. 5 Factory equipment is depreciated at 25% per annum using the reducing balance method.