A business both buys loose tools and also makes some itself. The following data is available concerning the years ended 31 December 2014, 2015 and 2016.

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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2014 Jan 1 Inventory of loose tools 6,000 During the year: Bought loose tools from suppliers 8,000 Made own loose tools: the cost of wages of employees being 1,300 and the materials cost 900 Dec 31 2015 Loose tools valued at 12,000 During the year: Loose tools bought from suppliers 4,000 Made own loose tools: the cost of wages of employees being 1,600 and the materials cost 1,200 Dec 31 2016 Loose tools valued at 12,800 During the year: Loose tools bought from suppliers 7,200 Made own loose tools: the cost of wages of employees being 1,000 and the materials cost 1,340. Received refund from a supplier for faulty tools returned to him 320 Dec 31 Loose tools valued at 14,600