From the following information prepare a manufacturing account and a statement of profit or loss for the year ended 31 December 20X4. Show clearly the prime cost, factory cost of completed production, cost of sales, gross profit, selling and distribution overheads, administrative overhead, and net profit.

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Inventory of raw materials at 1 January 20X4 Work-in-progress valued at factory cost at 1 January 20X4 Inventory of finished goods at 1 January 20X4 Purchases of raw materials Purchases of finished goods Raw materials returned to suppliers Carriage outwards Carriage inwards Direct wages Administrative salaries Supervisors' wages Royalties payable Electricity used in factory Light and heat for administrative offices Sales staff salaries and commission Irrecoverable debts Discount received Discount allowed Depreciation - plant Depreciation-delivery vehicles Depreciation-office fixtures and furniture Rent and rates (factory 3/4 office 1/4) Delivery expenses Postage and telephone Printing and stationery Proceeds from the sale of scrap metal Interest payable on loan Bank charges Insurance on plant Advertising Repairs to plant Sales revenue Purchases of raw materials includes £2,093, and direct wages £549, for materials and work done in constructing an extension to the factory. Inventory of raw materials at 31 December 20X4 Work-in-progress valued at factory cost at 31 December 20X4 Inventory of finished goods at 31 December 20X4 £ 2,453 1,617 3,968 47,603 367 4,921 487 683 23,649 10,889 5,617 7,500 2,334 998 8,600 726 2,310 1,515 13,400 3,700 1,900 4,800 593 714 363 199 3,000 100 1,750 625 917 145,433 3,987 2,700 5,666