Question 2 [24 marks] You are provided with the following information that relates to the manufacturing activities of Greek Products Ltd for the year ended 30 June 2020. Inventory on hand on 1 July 2019 Direct materials WIP 45 000 58 125 Finished goods 171 300 106 256 3 281 13 650 1 875 145 358 21 128 Totals for the year ending 30 June 2020 Direct materials purchased Direct material returned to suppliers Import duty on direct materials Direct wages accrued (payable) 1 July 2019 Administrative expenses Sales expenses Sales Factory wages (direct 90%) Wages paid to security personnel at factory Wages paid to cleaners at factory Salaries of administrative staff Repairs and maintenance to factory equipment Water and electricity ( 70% applicable to factory) General expenses factory Rent expense (70% applicable to factory) Insurance 921 375 223 125 15 250 11 625 196 294 6375 45 000 3 000 18 000 22 500 Inventory on hand on 30 June 2020 Direct materials WIP 72 975 79 088 Finished goods 199 564 5 HMAC200-1-JanJun 2020-SA1-GC-V1-13012020 Equipment at carrying value 1 July 2019 862 500 Additional information: Depreciation on factory equipment must be accounted for at 15% per annum on the carrying value. Insurance costs must be split between the factory and administration in the ration 3:2. Required: a) Prepare the production cost statements of Greek Products Ltd for the year ended 30 June 2020. (8 marks) b) Prepare the notes to the production cost and trading statements for the year ended 30 June 2020. (16 marks)