2-32 Comprehensive Problem on Unit Costs, Product Costs, Variable and Fixed Costs, and Budgeted Income Statement The Fancher Company makes a single. product. Costs are as follows (V stands for variable; F, for fixed): Production in units Costs incurred: Direct material used Direct labor Power Indirect labor Indirect labor Other factory overhead Other factory overhead 100,000 $100,000 V 70,000 V 5,000 V 10,000 V 20,000 F 8,000 V Selling expenses Selling expenses 20,000 F 30,000 V 20,000 F 50,000 F Administrative expenses Work-in-process inventory, December 31, 19.1 Direct-material inventory, December 31, 19_1 Finished-goods inventory, December 31, 19.1 2,000 lbs. $ 20,970 Dollar sales were $318,500 in 19.1. There were no beginning inventories in 19 1. The company's ending inventory of finished goods was carried at the average unit cost of production for 19 1. Direct material prices have been stable throughout the year. Two pounds of direct material are used to make a unit of finished product. 1. Direct-material inventory, total cost, December 31, 19_1. 2. Finished-goods inventory, total units, December 31, 19-1.. 3. Unit sales price, 19_1. 4. Net income, 19.1. Show computations.