Comfy Seats Furniture Pty Ltd incurred the following costs during the year:

Direct material...........................................$348,000

Direct labour...............................................648,000

Manufacturing overhead applied........................360,000

Product costing $240,000 were finished, and products costing $264,000 were sold on credit for $390,000. There were no purchase of raw material during the year. The balances in the firm's invest accounts at the beginning of the year were as follows:

Raw materials...................................$454,000

Work in process....................................36,000

Finished goods.....................................60,000

Required:

1. Prepare ledger accounts to show the flow of costs through the company's manufacturing accounts during the year.

2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.