• Assume that one of Choice Candy’s factories produces 50-pound blocks of dark chocolate and that it needs to prepare a year-end balance sheet and income statement, as well as a statement of cost of goods manufactured, and compute its product’s actual unit cost.During the year, the factory purchased $361,920 of direct materials. The factory’s direct labor costs for the year were $99,085 (10,430 hours at $9.50 per hour); its indirect labor costs totaled $126,750 (20,280 hours at $6.25 per hour). Account balances for the year follow.AccountBalancePlant Supervision42,500Factory Insurance8,100Utilities, Factory29,220Depreciation, Factory Building46,200Depreciation, Factory Equipment62,800Factory Security9,460Factory Repair and Maintenance14,980Selling and Administrative Expenses76,480Materials inventory, beginning26,490Work in Processinventory, beginning101,640Finished Goodsinventory, beginning148,290Materials Inventory, ending24,910Work in Process Inventory, ending100,400Finished Goods Inventory, ending141,100Required:1. Compute the cost of materials used during the year. 2. From the cost of materials used, compute the total manufacturing costs for the year.3. From the total manufacturing costs for the year, compute the cost of goods manufactured during the year.4. If 13,397 units (1 unit = 50-pound block of dark chocolate) were manufactured during the year, what was the actual product unit cost? (Round to two decimal places.)