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Problem 2-8 Preparing Financial Statements; Cost Behaviour (LO1 - CC1; LO5 - CC9, 10; LO6 - CC11, 12) Selected account balances for the year ended December 31 are provided below for Superior Company: $117,000 7,000 47,000 307,500 68,000 Selling and administrative salaries Insurance, factory Utilities, factory Purchases of raw materials Indirect labour Direct labour Advertising expense Cleaning supplies, factory Sales commissions Rent, factory building Maintenance, factory 68,800 8,600 52,000 120,000 30,000 Inventory balances at the beginning and end of the year were as follows Beginning of End of the Year the Year 53,200 12,700 40,500 Raw materials Work in process Finished goods 46,000 The total manufacturing costs for the year were $665,000, the goods available for sale totalled $705,000 and the cost of goods sold totalled $676,000 Required 1.a Prepare a schedule of cost of goods manufactured SUPERIOR COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Deduct: Raw materials inventory, ending Raw materials used in production 53,200 307,500 360,700 12,700 $348,000 Direct labour Manufacturing overhead Cleaning supplies, factory Indirect labour Insurance, factory Maintenance, factory Utilities, factory Rent, factory building 8,600 68,000 7,000 30,000 47,000 120,000 Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning 280,600 628,600 628,600 40,500 $588,100 Deduct: Work in process inventory, ending Cost of goods manufactured 1.b Prepare the cost of goods sold section of the company's income statement for the year. SUPERIOR COMPANY Income Statement (Partial) For the Year Ended December 31 Goods available for sale Cost of goods sold 2. Assume that the dollar amounts given above are for the equivalent of 60,000 units produced during the year. Compute the average cost per unit for direct materials used and the average cost per unit for rent on the factory building. (Round your answers 2 to decimal places.) Average Cost Direct materials per unit Rent on the factory building per unit 3. Assume that in the following year the company expects to produce 50,000 units. What average cost per unit and total cost would you expect to be incurred for direct materials and rent on the factory building? (Assume that direct materials are a variable cost and that rent is a fixed cost.) (Round your "Average Cost" answers 2 to decimal places, Average Cost Total Cost Direct materials per unit Rent on the factory building per unit 4. 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 2 to decimal places.) Average Cost Total Cost Direct materials per unit Factory depreciation per unit