BOLAR TECHNOLOGY, TNE. Solar Tocheology was organized at the beginning of the current year to produce and maeket a revolutionary necesty left the company to do independent conalting work. The statemest above wax pecpafed by Cindy Smars, ber inexperienced assatant. no 1 know they te ripht:" quarter.) The company's insurance policy staten that the company will be reimbarned for the "manuifacearing coar" of aly finished batteries destroyod of stolen. We may not last a year if the insurance company docant pay the 5227,500 in owes wa for the 7,000 bantencs preature as inso a koer figuee. We have the data to back up our claim, and it will stand up in any court" Senart, whe a uhaware of the difference betwoen pecduct and period costs, has determined this cont at follow: Total coses for the quarter, $1,527,500 Bacieries pecoduced during the quarter, 47,000 =$3250perunit 7,000battenics$32,50=$227,500 Inventories at the beginning and end of the quarter were as follows: 60% of the rental cost for facilities and 70% of the utilities cost relate to manufacturing operations. The remaining amounts relate to selling and administrative activities. Required: 1. Prepare a cost of goods manufactured statement, cost of goods sold statement, and income statement for the first quarter. Please be sure to show adequate detail to support all calculations. 2. What recommendations would you make to the President? Also how much should be requested from the insurance company? 3. An EXECUTIVE SUMMARY