The following trial balance was extracted from the books of Tawanda Ltd for the year ended $31$st December $2020.$

Dr$.$ Cr$.$

P P

Inventories at $1$st January $2020$:

Inventory of raw materials $16,000$

Inventory of finished goods $32,000$

Inventory of work $-$ in $-$ progress $14,500$

Direct wages $245,000$

Factory indirect wages $86,000$

Carriage inwards on raw materials $4,500$

Royalties $7,000$

Purchases of raw materials $360,000$

General factory expenses $24,000$

Light and heat $9,600$

Factory power $25,000$

Administration expenses $65,000$

Sales $1,170,000$

Rent $15,000$

Selling expenses $26,000$

Carriage outwards $5,000$

Bank charges and fees $4,500$

Manufacturing Equipment at cost $120,000$

Manufacturing Equipment:

accumulated depreciation at $1/1/202030,000$

Office Equipment at cost $30,000$

Office Equipment:

accumulated depreciation at $1/1/20205,000$

Trade receivables $236,000$

Bank $10,000$

Trade payables $70,000$

Discount allowed $7,600$

Discount received $4,600$

Drawings $22,000$

Capital at $1/1/202085,100$

$\_\_\_\_\_\_\_$

$1,364,7001,364,700$

ADDITIONAL INFORMATION

$($i$)$ Inventories at $31$st December $2020$:

Inventory of raw materials $28,000$

Inventory of finished goods $46,000$

Inventory of work $$in$$progress $16,000$

$($ii$)$ Light and heat and rent are to be apportioned: Factory $$ Administration $.$

$($iii$)$ Depreciation of Manufacturing Equipment is to be charged at $10\%$ on cost$.$ Depreciation of Office Equipment is to be charged at $20\%$ on cost$.$

Required

Prepare the Manufacturing Account and Statement of profit or Loss Account for the year ended $31$st December $2020.$