Please answer the questions I got wrong and show how you solve it step by step.
Please be aware of the depreciation method and the information is the most recent quarter.
Thank you.
The following information pertains to the most recent quarter at Precious Production Limited. $ 384,000 46,400 76,000 208,000 21,600 251,200 126,400 292,800 2,184,000 116,000 4,160 334,400 271,200 28,800 123,200 42,400 169,600 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 4. Assume that the company expects to produce 17,000 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 insurance? (In preparing your answer, assume that direct materials is a variable cost and that depreciation is a fixed cost; also assume that depreciation is computed on a straight- line basis.) (Do not round intermediate calculations. Round "Average cost per unit" answers to 2 decimal places.) Average cost per unit Total cost Direct 20.85X 354,400(x materials $ $ 21,6000 Insurance 1.27 6. Assuming the company produced 23,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,600 finished units. $ 70,880 50,240 Direct materials Direct labour Manufacturing overhead 434,272X $ 555,392 Total The following information pertains to the most recent quarter at Precious Production Limited. $ 384,000 46,400 76,000 208,000 21,600 251,200 126,400 292,800 2,184,000 116,000 4,160 334,400 271,200 28,800 123,200 42,400 169,600 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 4. Assume that the company expects to produce 17,000 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 insurance? (In preparing your answer, assume that direct materials is a variable cost and that depreciation is a fixed cost; also assume that depreciation is computed on a straight- line basis.) (Do not round intermediate calculations. Round "Average cost per unit" answers to 2 decimal places.) Average cost per unit Total cost Direct 20.85X 354,400(x materials $ $ 21,6000 Insurance 1.27 6. Assuming the company produced 23,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,600 finished units. $ 70,880 50,240 Direct materials Direct labour Manufacturing overhead 434,272X $ 555,392 Total
