Problem 1 Company produced 5,000 loveseats during the year. The loveseats sell for $650 each. had 600 loveseats in finished goods inventory at the beginning of the year. At the en loveseats in finished goods inventory. Kimmelman's accounting records Kimm elman the year, there were 800 provides the following information: Purchased of materials $675,000 Direct materials inventory, December 31, 2007 93,600 Direct materials inventory, December 31, 2008 133,600 Direct labor 400,000 Indirect labor 80,000 84,000 14,600 120,000 Rent, factory, building Supplies used in production Depreciation, factory equipment Utilities, factory Salary, sales, supervisor Commission, salespersons General administration 23,912 180,000 360,000 600,000 Work-in-process inventory, December 31, 2007 26,082 29,992 160,000 228,200 Work-in-process inventory, December 31, 2008 Finished Goods inventory, December 31, 2007 Finished Goods Inventory, December 31, 2008 Required Prepare a statement of goods manufactured. Compute the average cos dollar). Prepare an income statement for external users.+ 1. 2. t of producing one unit of product in 2008 (rounded to the nearest 3