During 2023 , Flounder incurred production salary and wage costs of $709,500, consumed raw materials and other production supplies of $475,170, and had an increase in work-in-process and finished goods inventories of $112,900. The Retained Earnings account had a balance of $278,000 at June 30,2023 , before closing. There are 180,000 common shares outstanding. Flounder has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.)
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