AutoSave . Off HUB PART-B_Midterm523-w2022-x50- d.docx - Word Search Niasse, Mouhamadou NM File Home Insert Draw Design Layout References Mailings Review View Help Share Comments & Cut Find Century 12 ~ A" A Aa Po AaBbCcI a. AaBb( a) AaBb( AaBbCcI a) AaBb( AaBbCcI AaBbCc] AaBbCcI AaBbCcDc AaBbCc AaBbCCC AaBbect Aab [ Copy Replace 141 Dictate Paste BI U ~ ab x x A LA. Sensitivity 1 Normal numbers Style Na) Style1. StyleAA Body Text Heading 1 1 No Spac... 1 Table Pa... Heading 2 Heading 6 Heading 7 Title Select Format Painter Voice Clipboard F Font Paragraph s Sensitivity Styles Editing Internal Public Internal Confidential Restricted QUESTION 2 (27 marks) QUESTION 2 (continued) The accounts for a manufacturing company for 2020 are listed below. In 2020, the ii) What was the cost of direct materials used in 2020? (4 marks) company produced and sold 3,000 units of product and the unit sales price was $14.75. Sales Cost of goods sold Purchases of direct materials $11,000 Direct labour $5,000 Indirect labour $2,000 Finished goods inventory, beginning $15,000 Work in process, beginning $1,000 Work in process, ending $3,000 Gross margin $11, 700 Finished goods inventory, ending Accounts payable, beginning $4,000 Accounts payable, ending $2,800 Direct materials inventory, beginning $2,000 Direct materials inventory, ending $3,000 iii) What was the prime cost in 2020? (2 marks) Indirect materials used $4,000 Utilities expense, sales office $3,000 Depreciation on factory equipment $7,000 Management salaries, factory $12,000 Required: [ You do not need to make a formal Schedule of Cost of Goods Manufactured] i) What was the cost of goods sold in 2020? (3 marks) iv) What was the total manufacturing overhead cost in 2020? (5 marks) COGS=Beginning inventory + P - Ending Inventory Display Settings , Focus . + 100% Page 3 of 8 5 of 797 words x English (United States)QUESTION 2 (continued) v) What was the cost of goods manufactured in 2020? (5 marks) vi What was the balance in the finished goods inventory on Dec 31, 2020? (4 marks) vii What was the average unit product cost in 2020