Simply kitchen is a Namibia manufacturer manufacturing kitchen cupboards for the local market. At the end of the financial year ending; 28 February 2007; the following information was available:

Inventories at 1st March 2006

Raw materials ..............................................$18,450.00

Work in progress .........................................$23,600.00

Finished Goods ...........................................$17,470.00

Purchases-Raw materials .............................$65,800.00

Carriage on raw materials ..............................$1,908.00

Direct labor ..................................................$66,980.00

Admin salaries ..............................................$16,910.00

Rent ................................................................$2,900.00

Water & electricity office ..............................$5,900.00

Sales ...........................................................$200,900.00

Additional information:

Depreciation must be provided for on machinery with a cost price of N$210;000 Depreciation is charged on the straight line method over a period of 7years. The machinery was purchased during 2005 Rent to be apportioned according to floor area. The offices consist of 1/3 of the total area; while the factory uses the rest. A stock count as on 28th February 2007 reveals the following:

Raw materials.................N$20,010

Work in progress .............N$17,000

Finished Goods ..............N$21,590

Required:

Prepare the manufacturing statement for the year ending 28th February 2007.