During 2017, Campbell Manufacturing Company incurred $105,600,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire R&D cost was in 2017. Manufacturing costs (direct materials, direct labor, and overhead) are expected to be $68 per unit. Packaging shipping, and sales commissions are expected to be $6 per unit. Campbell expects to sell 2,200,000 batteries before new research renders the battery design technologically obsolete. During 2017, Campbell made 430,000 batteries and sold 400,000 of them. recognized as an expense Required Identify the upstream and downstream costs. b. Determine the 2017 amount of cost of goods sold and the ending inventory balance that would appear on the financial statements that are prepared in accordance with GAAP c. Determine the sales price assuming that Campbell desires to earn a profit margin that is equal to 30 percent of the total cost of developing, making, and distributing the batteries. d. Prepare a GAAP-based income statement for 2017. Use the sales price developed in Requirement c a. Complete this question by entering your answers in the tabs below. ces Required A Required Required B Required D Determine the 2017 amount of cost of goods sold and the ending inventory balance that would appear on the financial statements that are prepared in accordance with GAAP Cost of goods sold Ending inventory Required A Required C During 2017, Campbell Manufacturing Company incurred $105,600,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire R&D cost was recognized as an expense in 2017. Manufacturing costs (direct materials, direct labor, and overhead) are expected to be $68 per unit. Packaging shipping, and sales commissions are expected to be $6 per unit. Campbell expects to sell 2,200,000 batteries before new research renders the battery design technologically obsolete. During 2017, Campbell made 430,000 batteries and sold 400,000 of them. Required a. Identify the upstream and downstream costs. b. Determine the 2017 amount of cost of goods sold and the ending inventory balance that would appear on the financial statements that are prepared in accordance with GAAP c. Determine the sales price assuming that Campbell desires to earn a profit margin that is equal to 30 percent of the total cost of developing, making, and distributing the batteries. d. Prepare a GAAP-based income statement for 2017. Use the sales price developed in Requirement c Complete this question by entering your answers in the tabs below. Required C Required A Required B Required D Determine the sales price assuming that Campbell desires to earn a profit margin that is equal to 30 percent of the total cost of developing, making, and distributing the batteries. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Sales price Required B Required D CK mY WORK long-life battery to use in computers. In accordance with FASB standards, the entire R&D cost was recognized as an expense in 2017. Manufacturing costs (direct materials, direct labor, and overhead) are expected to be $68 per unit Packaging, shipping, and sales commissions are expected to be $6 per unit. Campbell expects to sell 2,200,000 batteries before new research renders the battery design technologically obsolete. During 2017, Campbell made 430,000 beries and sold 400,000 of them. Required a. Identify the upstream and downstream costs. b. Determine the 2017 amount of cost of goods sold and the ending inventory balance that would appear on the financial statements that are prepared in accordance with GAAP c. Determine the sales price assuming that Campbell desires to earna profit margin that is equal to 30 percent of the total cost of developing, making, and distributing the batteries. d. Prepare a GAAP-based income statement for 2017. Use the sales price developed in Requirement c Complete this question by entering your answe rs in the tabs below. Required A Required B Required C Required D es Prepare a GAAP-based income statement for intermediate calculations.) Use the sales price developed in Requirement c. (Do not round 2017 CAMPBELL MANUFACTURING COMPANY Income Statement 0 Net income (loss) S