Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs for the year were $753,000, and the cost of goods sold totalled $740,000. Required: 1. Prepare a schedule of cost of goods manufactured in good form and the cost of goods sold section of the company's income statement for the vear Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs for the year were $753,000, and the cost of goods sold totalled $740,000. Required: 1. Prepare a schedule of cost of goods manufactured in good form and the cost of goods sold section of the company's income statement for the year. 2. Assume that the dollar amounts given above are for the equivalent of 50,000 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. 3. Assume that in the following year the company expects to produce 40,000 units. What average cost per unit and total cost would you expect to be incurred for direct materials? For rent on the factory building? (In preparing your answer, you may assume that direct materials are a variable cost and that rent is a fixed cost.) 4. As the manager in charge of production costs, explain to the president the reason for any difference in average cost per unit between Requirements (2) and (3)