he following data refer to nanis fashions for the current year sales revenues $475,000 work in process inventory, 31 december 15,000 work in process inventory, 1 january 20,000 selling and administrative expenses 75,000 income tax expense 45,000 purchase of raw materials 90,000 raw materials inventory, 31 december 12,500 raw material inventory 1 january 20,000 direct labour 100,000 electricity plant 20,000 depreciation plant and equipment 30,000 finished goods inventory, 31 december 25,000 finis