grocel used in meal preparation. PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured [L02, LO3, LO4, LO5) Visic Corporation, a manufacturing company, produces a single product. The following informa tion has been taken from the company's production, sales, and cost records for the just com pleted year 29,000 Ending finished goods inventory in units. Sales in dollars Sales in units Costs $90,000 $480,000 $300,000 $380,000 . . Raw materials purchased Manufacturing overhead Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $20,000 $50,000 $0 $30,000 $40,000 The finished goods inventory is being carried at the average unit production cost for the yea The selling price of the product is $50 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 finished goods inventory at the end of the year. b. The cost of the units in the finished goods inventory at the end of the year 3. Prepare an income statement for the year