A business both buys loose tools and also makes some itself. The following data is available concerning the years ended 31 December 2010, 2011 and 2012.

You are to draw up the Loose Tools Account for the three years, showing the amount transferred as an expense in each year to the Manufacturing Account.

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2010 Jan 1 Dec 31 2011 Dec 31 2012 Inventory of loose tools During the year: Bought loose tools from suppliers Made own loose tools: the cost of wages of employees being 650 and the materials cost 450 Loose tools valued at During the year: Loose tools bought from suppliers Made own loose tools: the cost of wages of employees being 800 and the materials cost 600 Loose tools valued at During the year: Loose tools bought from suppliers Made own loose tools: the cost of wages of employees being 250 and the materials cost 420. Received refund from a supplier for faulty tools returned to him Dec 31 Loose tools valued at 3,000 4,000 6,000 2,000 6,400 3,600 160 6,800