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Various cost and sales data for Medco Inc. are given for the just completed year: 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 $ 139,500 12,000 19,500 60,000 5,500 63,500 32.000 74,000 560,000 29,500 1,050 84,500 68,500 7,250 31,000 10,750 43,000 MEDCO INC. Schedule of Cost of Goods Manufactured For the Year Ended XXXX Direct materials: Raw materials inventory, beginning $ 12,000 Add: Purchases of raw materials 139,500 Raw materials available for use 151,500 Deduct: Raw materials inventory, ending 19,500 $ 132,000 63,500 Direct labour Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Supplies, factory Utilities, factory Indirect labour 60,000 5,500 32,000 1,050 29,500 68,500 Total overhead costs Total manufacturing costs 196,550 392,050 Deduct: Work in process inventory, ending Cost of goods manufactured 392,050 31,000 361,050 $ $ 2. Prepare an income statement. MEDCO INC. Income Statement For the Year Ended XXXX $ 560,000 Sales Cost of goods sold: 0 Deduct: Finished goods inventory, ending 336,050 223,950 Selling and administrative expenses: Selling expenses Administrative expenses 84,500 74,000 158,500 65,450 3. Assume that the company produced the equivalent of 15,000 units of product during the year. What was the average cost per unit for direct materials? What was the average cost per unit for factory depreciation? (Round your answers to 2 decimal places.) $ Direct materials Depreciation Average cost 8.80 per unit 4.00 per unit $ 4. 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 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 Direct materials Depreciation Total cost $ 176,000 3 $