Early in the year, John Raymond founded Raymond Engineering Co. of manufacturing a special flow control valve which he had designed. Shortly afte year-end, the company's accountant was injured in a skiing accident, and no year-end financial statements have been prepared. However, the accountant had correctly d termined the year-end inventories at the following amounts Materials for the purpose $46,000 Work in process.... As this was the first year of operations, there were no beginning 31,500 88,500 inventories While the accountant was in the hospital, Raymond improperly prepared the lowing income statement from the company's accounting records fol- $610,600 Cost of goods sold: $181,000 110,000 Direct labor costs assigned to production... 70,600 ...132,000 Selling expenses .. $(53,000) Raymond was very disappointed in these operating results. He states, "Not only did we lose more than $50,000 this year, but look at our unit production costs. We sold 10,000 units this year at a cost of $663,600; that amounts to a cost of $66.36 per unit. I know some of our competitors are able to manufacture similar valves for about $35 per unit. I don't need an accountant to know that this business is a failure." a. Prepare a schedule of the cost of finished goods manufactured for the year. (As there were no beginning inventories, your schedule will start with "Manufacturing costs assigned to production:.") Show a supporting computation for the cost of di rect materials used during the year. b. Compute the average cost per unit manufactured. . Prepare a corrected income statement for the year, using the multiple-step forma