Charming Company is engaged in the manufacturing of contemporary fashion. The following are the account balances for the year ended $31$ December $2023.$Charming Company is engaged in the manufacturing of contemporary fashion. The following are

the account balances for the year ended $31$ December $2023.$

Before reporting the manufacturing cost and operating income for management's use, the

accountant $($Joyce$)$ of Charming Company had to collect the following additional information:

In the year of $2023,$ Charming Company purchased the fabric materials from an overseas

supplier that charged $$400,000.$ Charming Company also paid the freight charges of $$10,000$

for the import of these fabric materials.

In order to have a unique style designed for its fashion, in the year of $2023,$ Charming

Company paid $$90,000$ to Jason who is a prominent fashion designer.

In the year of $2023,$ Charming Company paid $$10,800$ to a transportation company for

distributing the finished goods from the Charming Company's warehouse to its customers.

In the year of $2023,$ Charming Company paid $$33,000$ to an advertising company that

promoted the company'sproducts.

Required:

Assuming you are Joyce,

a$.$ Prepare a cost of goods manufactured schedule for the year ended $31$ December $2023.$

b$.$ Prepare the income statement for the year ended $31$ December $2023.$

c$.$ Based on the perspective of the management of Charming Company, explain the

importance of "unit cost".

$\backslash$table$[[$Direct materials inventory $(1$ Jan, $2023),$$$390,000$