E$4\mathrm{.}22$ Manufacturing cost flows

$104\mathrm{.}3$

Finn's Fabulous Furniture Pty Ltd incurred the following costs during the year:

Products costing $$120000$ were finished, and products costing $$132000$ were sold on credit for

$$195000.$ There were no purchases of raw material during the year. The balances in the firm's

inventory accounts at the beginning of the year were as follows:

Required

Prepare ledger accounts to show the flow of costs through the company's manufacturing accounts

during the year.

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

above.