Beginning of the year: Raw materials C6.80/ kg Work-in-progress 17 000 kg Finished goods 34 000 units During the year: Raw materials purchases 66.80/ Kg Raw materials usage 170 000 kg 2720000 Rent incurred 680 000 (75% used by the factory and 25% by the head office) Direct factory wages incurred 850 000 Office telephone incurred 34 000 Electricity incurred (each wheelbarrow manufactured requires 0.5 kilowatts of electricity) | CO.2/ kilowatt 25 500 Year-end party for factory staff 13 600 Woody Limited manufactures toy wheelbarrows for young children. The following information relates to its inventory for the year ended 31 December 20X3. Additional information: • 170 000 wheelbarrows were started during the year. Of these, 90% were completed during the year and the remaining 10% were effectively complete at year-end, merely requiring the drying process to be finalised. This drying process does not involve any further costs. • 70% of finished goods that were available for sale during the year remained unsold at 31 December 20X3. • Annual fixed manufacturing costs incurred are C510 000 and a normal annual production level is 510 000 units • The cost per finished wheelbarrow in the current year is the same as the cost per finished wheelbarrow in the prior year. • All amounts incurred were paid for in cash. Required: Prepare journal entries to reflect the information presented above.