Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 99,000 19,000 26,000 47,400 5,000 69,000 30,000 73,600 540,000 27,000 1,000 83,600 23,600 65,000 7,000 30,000 10,000 40,000 Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: 2. Prepare an income statement. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Sales Cost of goods sold: 0 0 0 Selling and administrative expenses: 0 $ $ 0 3. Assume that the company produced 10,000 units of product during the year. What was the average cost per unit for direct materials? What was the average cost per unit for factory depreciation? (Round your answers to 2 decimal places.) Cost Per Unit Direct materials Factory depreciation 4. Assume that the company expects to produce and sell 15,000 units of product during the coming year. What average cost per unit and what total cost would you expect the company to incur for direct materials and for factory depreciation at this level of activity? Assume that raw materials costs charged by suppliers will not change next year. For factory depreciation, assume that the company uses straight-line depreciation and that the factory equipment has five years of useful life remaining. (Round your answers to 2 decimal places.) Cost Per Unit Total Cost Direct materials Factory depreciation