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Question 3 (25 Marks) The following information appeared in the accounting records of GLASSWARE Ltd, a manufacturing entity, at 28 February 2022, the end of the financial year. Extract from the trial balance as at 28 February 2022: Inventory on hand 1 March 2021 Raw materials Work-in-progress Finished products Raw material purchased (including N$52 326 indirect material) Raw materials issued to production Air freight paid on raw material purchased in Nigeria Indirect materials additionally issued to production Insurance expenses (including N$8 415 for office insurance) Depreciation (10:3 ratio applicable for manufacturing equipment and office Furniture respectively) Rent expenses (60% of the rent was paid for the factory premises) Wages and salaries paid Water and electricity (N$272 646 included for the factory water& electricity) Sales during the year Additional information: N$ 160 650 229 500 469 200 511326 163 200 6 426 30 294 39 780 84 150 336 600 321453 1530 ooo N$ 387 090 535 041 532 440 1. 2. 3. 4. 5. 6. 7. Inventory is valued on the FIFO (First-in-First-out) method. Inventory on hand- 28 February 2022: Raw materials Work-in-progress Finished products Products are transferred to the sales department at cost plus 15%. 30% of salaries and wages represent indirect labour cost of which N$39 780 was paid to the factory supervisor. The rest of the salaries and wages relate to direct labourers. All indirect materials issued were used in the production process. The raw material account in the general ledger contains both the receipt and issue of direct and indirect material. At 1 March 2021, the allowance for the unrealised profit in finished products inventory amounted to N$61 200. The remainder of the insurance expense relates to the insurance on the factory equipment. Page 19 of 21 FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES REQUIRED: Prepare the following accounts, properly balanced and closed off, in the general ledger of GLASSWARE Ltd for the year ending 28 February 2022: 1. 2. 3. 4. 5. Raw materials Factory overheads Work-in-progress Finished goods inventory Allowance for unrealised profit (5 marks) (5 marks) (5 marks) (5 marks) (5 marks)