1. Use your plan of action to solve each problem found in Appendix A, clearly outlining the procedures used, providing a concise explanation of each step, labeling relevant formulas, and showing worked out calculations and complete solutions. You may use a calculator or Excel spreadsheet to help perform the necessary calculations, but all corresponding work must be shown completely. 2. Answer all questions posed in the problem; if applicable, analyze and evaluate your results and provide a contextual explanation of the solutions you obtained. 3. Review your calculations and solutions and make sure that an external viewer would be able to follow your methodology and make sense of your calculations and corresponding explanations. Make certain that you have completed all steps of each problem. Problem #5: Cost Behavior Analysis Riley Company would like to estimate production costs on an annual basis. Costs incurred for direct materials and direct labor are variable costs. The accounting records indicate the following production Final Assessment: Outline and Rubric 6 Accounting for Managerial Decisions Final Assessment: Outline and Rubric costs were incurred last year for 40,000 units: Direct materials $ 60,000 Direct labor 80,000 Manufacturing overhead 200,000 (20% fixed; 80% variable) Required: Use account analysis to estimate the fixed costs per year, and the variable cost per unit