Question 1 The following trial balance has been extracted from the books of J. Jay, Toy Manufacturer, as at 31 December 2020. J Jay Trial Balance as at 31 December 2020 Accounts Debit Credit Inventory of raw materials (1/1/20) 21.000 Inventory of finished goods (1/1/20) 38.900 Work-in-progress (1/1/20) 13.500 Wages: Direct 180.000 Indirect 145.000 Royalties 7,000 Carriage inwards 3.500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230.000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44.000 Sales representative salaries 30.000 Commission on sales 11,500Rent 12.000 Insurance 4.200 General administration expenses 13.400 Bank charges 2.300 Discount allowed 4.800 Carriage outwards 5.900 Sales 1,000,000 Accounts receivable and accounts payable 142,300 64.000 Bank 16.800 Cash 1,500 Drawings 60,000 Capital (1/1/20) 357.800 1.421.800 1,421,800Notes at 31s December 2020: 1. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; work-in- progress RM15,000. 2. Lighting, rent and insurance are to be apportioned: factory 5/6, administration 1/6. 3. Depreciation on productive machinery and administration computers at 10 percent per annum on cost. Required: Prepare (a) Manufacturing account for the year ended 31 December 2020; (b) Statement of profit or loss for the year ended 31 December 2020 and (c) Statement of financial position as at 31 December 2020. (d) What is the purpose of manufacturing account? Then, give THREE (3) type of inventories that stated in IAS 2. (38 marks)