Joytoys Manufacturers had a policy of transferring factory production to the sales department at a profit of 10% on total cost of production of finished goods. The following particulars related to the records of the firm for the period 1 January 2022 to 31 December 2022. Balances 1 January 2022 R Raw materials 20 000 Work in progress 30 000 Finished goods 55 000 Direct wages due 400 Direct wages prepaid 200 Electricity due 800 Purchases of raw materials for the year 245 000 Carriage inwards 3 000 Customs duty 4 000 Purchases returns 5 000 Raw materials costing R10 000 sold 18 000 Direct wages paid 90 000 Electricity paid 3 400 Insurance, factory 1 200 Repairs to equipment (factory) 2 740 Returns inwards 10 000 Sales 792 000 Land and buildings at cost 200 000 Equipment (factory) at cost 60 000 Provision for unrealised profit on stock of finished goods 5 500 Office furniture at cost 14 000 Motor vehicles at cost 50 000 Rates (factory) 4 800 Water (75% factory) 4 200 Stationery and printing (factory) 5 100 Factory maintenance 12 000 Postage and telephone (factory) 1 800 Accumulated depreciation: office furniture 5 600 equipment 24 000 motor vehicles 15 000 Other expenses (sundry) 235 240 Further information 1. R Balances 31 December: Raw materials 30 000 Work in process 24 000 Electricity due 600 Direct wages due 960 Finished goods ? Stock of finished goods had not been taken at 31 December 2022, but the business works on a gross profit mark-up percentage of 50% on turnover. This calculation is based on the price at which manufactured goods are delivered to the sales department by the factory. 2. Depreciation to be provided: Factory equipment at 10% per annum on cost. Office furniture at 5% per annum on cost. Motor vehicles at 20% per annum on cost. Required Draw up the production cost statement and income statement of the business for the year ended 31 December 2022.