Palmer Manufacturing produces weather vanes. For the year just ended, Palmer produced 10,000 weather vanes with the following total costs: Direct materials $20,000 Direct labor 35,000 Overhead 10,000 Selling expenses 6,250 Administrative expenses 14,400 During the year, Palmer sold 9,800 units for $12 each. Beginning finished goods inventory consisted of 630 units with a total cost of $4,095. There were no beginning or ending inventories of work in process. Required: Required: 1. Calculate the unit costs for the following: direct materials, direct labor, overhead, prime cost, and conversion cost. 2. Prepare schedules for cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for Palmer Manufacturing. 4. What if 15,000 weather vanes could be manufactured next year? Explain which lines of the statement of cost of goods manufactured would be affected and how. 5. What if 9,000 weather vanes could be sold next year? Explain which lines of the statement of cost of goods sold would be affected and how.