During the year ended 30 June 2025, Smart Chips Pty Ltd incurred the following costs in connection with its production activities.

Required

(a) Calculate the relationship between factory overhead costs and direct labour cost.

(b) Prepare a cost of goods manufactured statement for the year ended 30 June 2025.

(c) Prepare closing entries using the Manufacturing Summary account.

(d) Prepare the general journal entry to close the Manufacturing Summary account.

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Raw materials purchases Factory electricity Indirect labour Direct labour Depreciation on manufacturing equipment Plant rent Supplies used in production Repairs to manufacturing equipment The beginning and ending inventory values were as follows. Raw materials Work in process Finished goods Beginning inventory $28400 52 400 86 500 $ 390 000 71 000 90 000 82 750 65000 56 000 23 000 26000 Ending inventory $23600 62 000 75 000