Balance sheet of Company Y dated 31.12.2019 showed the following accounts:

a) PP&E 60 000*

b) intangible fixed assets (trade mark) 4 000**

c) trade receivables 10 000

d) inventory 6 000***

e) short term financial assets 1000

f) cash in bank account 7 000

g) share capital 63 000

h) trade payables 22 000

i) bank loan 3 000

* Historical value of tangible fixed assets 80 000.

** Historical value of the trade mark 5 000.

*** Material X: 400 units at 10 per unit 100 units at 20 per unit

In January of 2020 the company noted the following economic transactions:

1. Company receive machinery worth 2 000 as a free-of-charge transfer.

2. The company sell the shares of Company C for 1000, the value of sold shares was 500

3. Companys administration bought by bank money materials for employee 100 units at 30 per unit, taken to the warehouse, additionally paid for the transport 100

4. Company calculated salaries:

a) of manufacturing workers 5 000

b) of administrative staff 3 000

c) of sales representatives 4 000

5. 250 units of material X were taken from the warehouse and used for production purposes.

6. 500 units of finished products were produced and taken into warehouse at manufacturing cost of 10 per unit.

7. Value of work in progress was calculated.

8. Company sold 400 units of finished goods by bank money transfer. Selling price was 15 per unit. Sold products were taken from the warehouse and delivered to the customer.

9. Company received dividends 350

10. Employee received prepayment for purchase 300.

Required: 1/ Open the accounts with opening balances.

2/ Record all transactions. LIFO method is used for valuation of inventories outflow. Materials are valued at purchase price.

3/ Close all accounts, show their ending balances and calculate profit or loss for January 2020 according to costs by function structure in the Financial result account

Its a sample, i need to lesrn how to solve it, thanks in advance!