PART A Miller Corporation is a manufacturer of precision drill bits. The following information pertains to operations during the 2018 calendar year Sales Revenue Direct Factory Labor $13,075,000 3,390,600 Indirect materials used 314,250 1,232,250 Indirect Factory Labor Total Depreciation Total Utilities 2 400,000 525,000 67,600 Distribution & Customer Service Costs Insurance on Plant & Equipment Property Taxes3 Administrative Wages & Salaries Advertising Expenses Sales Commission 85,000 90,000 876,500 77.500 6% of Sales Revenue Of the total depreciation, 85% relates to factory plant & equipment and 15% relates to general and administrative costs. Of the total utilities, 70% relates to manufacturing and 30% relates to general and administrative costs. The property taxes 3 The property taxes should be shared: 8o% manufacturing & 20% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2018 Purchases 31/12/2018 $807,000 924,000 $750,000 $4.330,000 n/a n/a Raw Materials Work In Progress Finished Goods 1,089,400 1,142,600 1,720,200 Required: a) Calculate the raw material used by Miller Corporation (2 marks) b) What is the total manufacturing overhead cost incurred by Miller Corporation during the period? (2 marks) (3 marks) Determine the prime cost & conversion cost of the product manufactured. c) d) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018, clearly showing total manufacturing cost & total manufacturing costs to account for (5 marks) e) Prepare an income statement for Miller Corporation for the year ended December 31, 2018. List the non-production overheads in order of size starting with the largest. (6 marks) n What is the unit product cost if Miller Corporation manufactured 20,000 drill bits for the year? (2 marks) g) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business? (2 marks)