Hilary owns a manufacturing business. She has provided the following information. Inventory at 1 August 2022 Raw materials $9100 Work in progress $21357 Finished goods $24235 For the year ended 31 July 2023 Revenue $457250 Purchases of raw materials $110000 Purchases returns of raw materials $2200 Purchases of finished goods $23500 Purchases returns of finished goods $4700 Wages of factory operatives $91665 Wages of factory supervisor $29000 Wages of office supervisor $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 at 31 July 2023 Raw material $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, $644, was unpaid and no adjustment had been made. 5 Factory equipment is depreciated at 25% per annum using the reducing balance method.