2 30 points References Cost and sales information for the most recent fiscal year are shown below. WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 11 Purchases of raw materials Ra materials inventory, beginning Raw materials Inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales 599,000 19,000 26,000 47,400 5,000 60,000 30,000 73,600 540,000 27,000 Supplies, factory 1,000 Selling expense 83,600 Advertising expense 23,600 Indirect labour, factory 65,000 work in process Inventory, beginning 7,000 work in process Inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 30,000 10,000 40,000 Le factory Required: 1. Prepare a schedule of cost of goods manufactured 30 points eBook 2. Prepare an income statement WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Cost of goods sold References Selling and administrative expenses 3 Book erences 3. Assume that the company produced 10,000 units of product during the year, What was the average cost per unit for direct materials? What was the average cost per unit for factory depreciation? (Round your answers to 2 decimal places.) Direct materials Factory depreciation Cost Per Unit 4. Assume that the company expects to produce and sell 15,000 units of product during the coming year. What average cost per unit, and what total cost would you expect the company to incur for direct materials and for factory depreciation at this level of activity? Assume that raw materials costs charged by suppliers will not change next year. For factory depreciation, assume that the company uses straight-line depreciation and that the factory equipment has five years of useful life remaining (Round your answers to 2 decimal places.) Cost Per Unit Total Cost Direct materials. Factory depreciation