Sales Revenues $475,000 Work in process inventory, 31 December 15,000 Work in process inventory, 1 January 20,000 Selling and administrative expenses 75,000 Income tax expense 45,000 Purchase of raw materials 90,000 Raw materials inventory, 31 December 12,500 Raw material inventory. 1 January 20,000 Direct labour 100,000 Electricity: plant 20,000 Depreciation plant and equipment 30,000 Finished goods inventory, 31 December 25,000 Finished goods inventory, 1 January 10,000 Indirect material 5,000 Indirect labour 7,500 Other manufacturing overhead 40,000