Katima Candy CC is a confectionery that manufactures various sweets and candy from the syrup. Syrup is the raw material used in manufacturing and is purchased in kilograms. No wastage of syrup occurs in the production process thus 1kg of syrup material is required to produce 1kg of finished goods. At each financial year-end no work in progress is on hand. The cost of finished goods is calculated based on weight.

The following information is available for the 2020 financial year:

Inventory 1 January 2020	N$
- Raw Material - Syrup (150 kg)	7 500
- Finished Goods (250 kg)	30 000
Syrup Purchases
- 1 March 2020 (950 kg @ N$60 per kg)	57 000
- 1 September 2020 (1 000kg @ N$65 per kg)	65 000
Salaries and Wages
- Direct Labour	90 000
- Production Management	30 000
- Administration and sales personnel	20 000
Colour and Flavourings used in production process	7 000
Electricity and Water - Plant (variable)	4 950
Advertising and other marketing costs	15 000
Depreciation
- Plant	15 000
- Office equipment Repair and maintenance	5 000 9 000

Additional information

1. On 31 December 2020, 300 kg of raw material and 350 kg of finished goods were on hand.

2. Normal production capacity is 2,000 kg of finished goods per year.

3. Due to an increase in the consumer's health awareness, the market share for sweets and candy has been declining. As a result, management is forced to reduce the future selling price to N$160 per kg and the selling costs are expected to be N$9 per kg.

4. Inventory is valued on a first-in, first-out basis.

5. Ignore tax implication

Required

Prepare the following general ledger accounts for the year ended 31 December 2020:

a) Raw materials 

b) Work in process 

c) Fixed manufacturing overheads 

d) Finished goods