Hello, can someone please help me. I'm new to accounting and i'm having lots of trouble with this question. i dont know how to do it and ur help is very much appreciated
Problem 2- 7 Preparing Financial Statements ; Cost Behaviour ( LOT - CCI ; LOS - CC9, 10; 106 - CC 1 1, 12 ) Various cast and sales data for Meriwell Company for the just-completed year follow ! Finished goods inventory , beginning $ 36, 000 Finished goods inventory , ending 72,000 Depreciation , factory 21, 000 Administrative expenses 123, 000 Utilities , factory 12, 000 Maintenance , factory $8, 000 Supplies , factory 13, 000 Insurance , factory 5, 8.00 Purchases of raw materials 141, 000 Raw materials inventory , beginning 14, 000 Raw materials inventory , ending 8,000 Direct labour $6, 000 Indirect labour 13, 000 Work - in- process inventory , beginning 23, 000 Work - in - process inventory , ending 35, 000 Sales 50.0, 000 Selling expenses $5, 000Required :` 1 . Prepare a schedule of cost of goods manufactured . MERIWELL COMPANY* Schedule of Cost of Goods Manufactured For the Year Just Completed Direct materials :" Raw materials available for use Raw materials used in production Manufacturing overhead ! Total overhead costs Total manufacturing costs Cost of goods manufactured2. Prepare an income statement . MERIWELL COMPANY* Income Statement For the Year Just Completed Cost of goods sold . Goods available for sale* LESS Operating EXPENSES ! 3. Assume that the company produced the equivalent of 10,000 units of product during the year just completed . What was the average cost per unit for direct materials and factory depreciation ? ( Round your answers ? to decimal places .! Average Cost Direct materials per unit Factory depreciation per unit4. Assume that the company expects to produce 15, 000 units of product during the coming year . What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity ? For factory depreciation ? ( In preparing your answer , assume that direct materials are a variable cost and that depreciation is a fixed cost ; also , assume that depreciation is computed on a straight - line basis. ! ( Round your " Average Cost " answers ? to decimal places . ] Average Cost Total Cost Direct materials per unit Factory depreciation PER Unit