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Fisher Limited is a manufacturer that produces a single product. The following information has been taken from the company's production. sales, and cost records for

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Fisher Limited is a manufacturer that produces a single product. The following information has been taken from the company's production. sales, and cost records for the just-completed year: The nished goods inventory is being carried at the average unit production cost for the year. Production in units ...................................................................... 30,000 Sales in units ............................................................................ '3 Ending finished goods inventory in units ................................................. '3 Sales in dollars .......................................................................... $650,000 Costs: Advertising ........................................................................... $50,000 Direct labour ......................................................................... $80,000 Indirect labour ....................................................................... $60,000 Raw materials purchased ............................................................. $160,000 Building rent (production uses 80% of the space; administrative and sales offices use the rest) ....................................................... $50,000 Utilities, factory ...................................................................... $35,000 Royalty paid for use of production patent, $1 per unit produced . . . . . .. . . . . .. . .. . .. . . . .. ? Maintenance, factory ................................................................. $25,000 Rent for special production equipment, $6,000 per year plus $0.10 per unit produced . .. .9 Selling and administrative salaries ..................................................... $140,000 Other factory overhead costs ........................................................ $11,000 Other selling and administrative expenses ............................................. $20,000 Beginning End of of Year Year Inventories: Raw materials ......................................................... $20,000 $10,000 Work in process ...................................................... $30,000 $40,000 Finished goods ........................................................ $0 ? The selling price of the product is $25 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year. 2. Compute the following: a. The number of units in the nished goods inventory at the end of the year. I). The cost of the units in the finished goods inventory at the end of the year. 3. Prepare an income statement for the year

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