FUNDAMENTALS OF ACCOUNTING CHAPTER 10-TEST 8 INTRODUCTION TO MANUFACTURING BUSINESS Name Course and Section Date Score Assume that one of Leo Garcia's factories produces 50-pound blocks of dark chocolate and that it needs to prepare a year-end balance sheet and income statement, as well as a statement of cost of goods manufactured, and compute its product's actual unit cost During the year, the factory purchased P2,533,440 of direct materials. The factory's direct labor costs for the year were P693,595 (10,430 hours at P66.50 per hour); its indirect labor costs totaled P887,250 (20,280 hours at P43.75 per hour). Account balances for the year follow. Account Plant Supervision Balance P 297,500 Factory Insurance 56,700 Utilities, Factory 204,540 Depreciation, Factory Building 323,400 Depreciation, Factory Equipment 439,600 Factory Security 66,220 Factory Repair and Maintenance 104,860 Selling and Administrative Expenses 535,360 Materials Inventory, beginning 185,430 Work in Process Inventory, beginning 711,480 Finished Goods Inventory, beginning 1,038,030 Materials Inventory, ending 174,370 H Work in Process Inventory, ending 702,800 Finished Goods Inventory, ending 987,700 Requirements: 1. Compute the cost of materials used during the year. 2. From the cost of materials used, compute the total manufacturing costs for the year. 3. From the total manufacturing costs for the year, compute the cost of goods manufactured during the year. 4. If 13,397 units (1 unit = 50-pound block of dark chocolate) were manufactured during the year, what was the actual product unit cost? (Round to two decimal places.) 510 C Na Co Lov 31, Req 2. 3. 4