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Various cost and sales data for Merwell Company for the just completed year, during which it produced 10,000 units, follow Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Ministrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Purchases of raw materials materials inventory, beginning Raw waterials inventory, ending Direct labour Indirect labour Work-in-process inventory, beginning Work-in-process inventory ending Sales Selling expenses $ 38,000 76,000 24,000 125,000 14,000 94,000 13,000 5,200 143,000 15,000 3.000 83,000 12,000 25,000 37,000 590,000 87.000 Required: 1. Prepare a schedule of cost of goods manufactured MERIWELL COMPANY Schedule of Cost of Goods Manufactured For the Year Just Completed Dreator Raw materials for beginning Add Pechases of raw materials Rawsovable for Det Raw materials wory ending Ramessed in production tirector Maling overhead 0 Depreciation factory Insurance factory Invocato Mananc factory Succesactory Un tadion D Required: 1. Prepare a schedule of cost of goods manufactured. MERIWELL COMPANY Schedule of Cost of Goods Manufactured For the Year Just Completed 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 Direct labour Manufacturing overhead 0 $ 0 es Depreciation, factory Insurance, factory Indirect labour Maintenance, factory Supplies, factory Utilities, factory Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning Total work in process inventory Deduct: Work in process inventory, ending Cost of goods manufactured 0 0 0 S 0 2. Prepare an income statement MERIWELL COMPANY Income Statement For the Year Just Completed Sales Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale 0 0 Gross margin Loss operating expenses Selling expenses Administrative expenses 0 3. What was the average cost per unit for direct materials and factory depreciation? (Round your answers to 2 decimal places.) Direct materials Factory depreciation Average Cost por unit por unit 4-8. Assume that the company expects to produce 20,000 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 to 2 decimal places.) 3. What was the average cost per unit for direct materials and factory depreciation? (Round your answers to 2 decimal places.) Direct materials Factory depreciation Average Cost por unit Der unit 4-a. Assume that the company expects to produce 20.000 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 to 2 decimal places.) Total Cost Direct materials Factory deprecation Average cost por unit per unit 4-6. Would you expect the average production cost per unit to increase, decrease or stay the same as in the just completed year? Increase Decrease O Remain unchanged 5. This part of the question is not part of your connect assignment