You are provided with the cost of goods manufactured statement and income statement for Prider Manufacturers Ltd.

Required

Prepare the closing entries for Prider Manufacturers Ltd.

PRIDER MANUFACTURERS PTY LTD Cost of Goods Manufactured Statement for the year ended 30 June 2016
Direct materials: Beginning raw materials Purchases Freight inwards	$	53800 155680     2 500
Ending raw materials		211980   57200
Direct materials used Direct labour Factory overhead: Consumables Depreciation expense (plant and equipment) Electricity Indirect labour Insurance Rent of factory Sundry expenses Supplies		2560 14800 46200 62800 24000 54200 3400    7650	$	154780 398000 215610
Total manufacturing costs for the period Beginning work in process				768390   39200
Total work in process Ending work in process				807590   40560
COST OF GOODS MANUFACTURED			$	767030

PRIDER MANUFACTURERS PTY LTD Income Statement for the year ended 30 June 2016
INCOME Sales revenue Less: Cost of sales: Beginning finished goods inventory Cost of goods manufactured			$	160000 767030	$	1100000
Goods available for sale Ending finished goods inventory				927030 162000
Cost of sales						765030
GROSS PROFIT EXPENSES Selling and distribution expenses: Advertising Sales salaries Other selling expenses	$	16600 98000    9340		123940		334970
Administrative expenses: Administrative salaries Other administrative expenses		125500     9000		134500
Finance and other expenses: Interest expense				3600		262040
PROFIT BEFORE TAX Income tax expense						72930     22000
PROFIT					$	50930