Rainbow Pty Ltd has provided the following data for the year ending 31 December 2019

Ledger balances as at 31 December 2019

• Sales - $387,500
• Sales Returns - $3,400
• Work in process inventory 1 January 2019 - $8,400
• Direct material inventory 1 January 2019 - $29,850
• Finished goods inventory 1 January 2019 - $65,000
• Indirect material inventory 1 January 2019 -$3,300
• Purchases direct materials - $98,140
• Returns of direct materials - $2,750
• Freight inwards on direct materials - $2,060
• Direct wages paid - $64,500
• Indirect wages paid - $9,340
• Indirect materials purchased - $11,090
• Factory rates paid - $5,310
• Other factory expenses - $23,150

Additional Information

At 31 December the following adjustments are needed:

• Accrued direct wages - $1,550
• Accrued indirect wages - $960
• Factory rates prepaid - $490
• Depreciation on factory plant - $7,030

Physical stock take at 31 December 2019:

• Direct material inventory on hand - $24,350
• Finished goods inventory on hand - $32,190
• Indirect material inventory on hand - $1,730
• Work in process inventory on hand - $8,070

Required:

• Prepare Manufacturing Statement for Rainbow Pty Ltd for the period ended 31 December 2019
• Prepare Trading Statement for Rainbow Pty Ltd for the period ended 31 December 2019