Chenango Can Company manufactures metal cans used in the food-processing industry. A case of cans sells for S35. The variable costs of production for one case of cans are as follows: S 9.00 3.50 8.00 Direct material Direct labor Total variable cost per case S20.50 Variable selling and administrative costs amount to S.50 per case. Budgeted fixed manufacturing overhead is $552,000 per year, and fixed selling and administrative cost is S48,500 per year. The following data pertain to the company's first three years of operation. (A unit refers to one case of cans.) Planned production (in units) Finished-goods inventory (in units), January 1 Actual production (in units) Sales (in units) Finished-goods inventory (in units), December 31 Year 1Year 2 Year 3 92,000 92,000 92,000 0 29,000 92,000 92,000 92,000 92,000 63,000 108,500 0 29,000 14,500 Chenango Can Company manufactures metal cans used in the food-processing industry. A case of cans sells for S35. The variable costs of production for one case of cans are as follows: S 9.00 3.50 8.00 Direct material Direct labor Total variable cost per case S20.50 Variable selling and administrative costs amount to S.50 per case. Budgeted fixed manufacturing overhead is $552,000 per year, and fixed selling and administrative cost is S48,500 per year. The following data pertain to the company's first three years of operation. (A unit refers to one case of cans.) Planned production (in units) Finished-goods inventory (in units), January 1 Actual production (in units) Sales (in units) Finished-goods inventory (in units), December 31 Year 1Year 2 Year 3 92,000 92,000 92,000 0 29,000 92,000 92,000 92,000 92,000 63,000 108,500 0 29,000 14,500