Feeds & More is a manufacturer of bulk animal feeds for pigs. The following information pertains to operations during the 2018 calendar year Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation Total Utilities 2 Distribution& Customer Service Costs Insurance on Plant & Equipment Pro Administrative Wages & Salaries Advertising Expenses Sales Commission $14,275,0oo 3,935,60o 1,232,250 400,000o 525,000 76,8o0 585,000 90,000 1,076,00o 57,700 6% of Sales Revenue Taxes 3 Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. Of the total utilities, 75% relates to manufacturing and 25% relates to general and administrative costs. The property taxes 3 The property taxes should be shared: 85% manufacturing & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2018 Purchases 31/12/2018 Raw Materials $750,000 $4,330,000 $807,000 Indirect Materials 55,000 320,000 n/a n/a 71,500 924,000 1,720,200 Work In Progress 1,115.400 Finished Goods1,142,600 Required: a) Calculate the raw material used by Feeds & More b) Calculate the indirect materials used by Feeds & More c) What is the total manufacturing overhead cost incurred by Feeds & More during the period? d) Determine the prime cost & conversion cost of the feed manufactured e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018, clearly (2 marks) (2 marks) (3 marks) (3 marks) showing total manufacturing cost & total manufacturing costs to account for. Prepare an income statement for Feeds &More for the year ended December 31, 2018. List the non- factory overheads in order of size starting with the largest (5 marks) (6 marks) (2 marks) (2 marks) f) g) What is the unit product cost if Feeds & More manufactured 18,0oo bags of feeds for the year? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business