A business both buys loose tools and also makes some itself. The following data is available concerning the years ending 31 December 2007, 2008 and 2009.

You are to draw up the loose tools account for the three years, showing the amount transferred as an expense in each year to the manufacturing account.

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2007 Jan 1 Stock of loose tools 2,400 During the year: Bought loose tools from suppliers 3,800 Made own loose tools: the cost of wages of employees being 490 and the materials cost 340 Dec 31 Loose tools valued at 5,100 2008 During the year: Loose tools bought from suppliers 1,820 Made own loose tools: the cost of wages of employees being 610 and the materials cost 420 Dec 31 Loose tools valued at 5,940 2009 During the year: Loose tools bought from suppliers 2,760 Made own loose tools: the cost of wages of employees being 230 and the materials cost 370. Received refund from a supplier for faulty tools returned to him 142 Dec 31 Loose tools valued at 5,990