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Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price Two Inwentors, recently organized as Innovation, Inc., consult you regarding a planned new product. They have estimates of the costs of material, labor, overhead, and other expenses for 2016 but need to know how much to charge for each unit to earn a profit in 2016 equal to 15% of their estimated total long-term investment of $480,000 ignore income taxes Their plans indicate that each unit of the new product requires the following Direct Material 4. of a materi per Direct labor 2 of metal forms time 3 perhe. 0.0 h.of an emberi per Major items of production overhead would be annual rent of $55,752 for a factory building $34,392 rent for machinery, and $26,040 of indirect material, Other production overhead kestimated to be $279.936. Selling expenses are an estimated 30% of total sales, and non-factory administrative expenses are 20% of total sales. The consensus at Innovation is that during 2016 10,000 units of product should be produced for selling and another 2.000 units should be produced for the next year's beginning Inventory. Also, an extra 3.000 pounds of material will be purchased an beginning inventory for the next year, because of the nature of the manufacturing process, all units started must be completed, so work in process inventories are negable, Required 2. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2016. Do not use negative signs with any of your answers Estimated Total Manufacturing Cost For the Year Ended December 31.2016 Direct manat Dermatory 0 Cost of materials purchased 300.000 Cost of me 306.000 Ceratory 13.000 Tomate 2000 Total materials used 202.000 Indirect materials used Less: 26,040 Direct materials used 5 261,960 Direct labor 385.920 Manufacturing overhead Indirect material 26,040 Building rent 55.752 Machinery rent 34.392 Other factory overhead 279.936 Total manufacturing over head 396, 120 Total manufacturing costs $ 1.044.000 Round answer to two decimal places Product cost per unit $ 87 b. Prepare an estimated income statement that would provide the target amount of profit for 2016. Income Statement For the Year Ended December 31.2016 Sales 5 OX Cost of goods sold 870.000 Gross profit on sales OX Operating expenses Selling expenses OX Administrative expenses OX OX Toet income e 72.000 c. What unit sales price should innovation charge for the new product