Sales Revenues Work in process inventory, 31 December Work in process inventory, 1 January Selling and administrative expenses Income tax expense $475 000 15 000 20 000 75 000 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