Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Beha LO3, LO4, LO5) The following information pertains to the most recent quarter at Precious Production Limited, 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 385,500 46,800 76,500 210,500 21,700 251,900 126,800 293,680 2,288,000 116,500 4,170 335,300 271,900 28,850 123,400 42,550 170,200 Required: 1. Prepare a schedule of cost of goods manufactured. 1 1 PRECIOUS PRODUCTION Schedule of Cost of Goods Manufactured For the quarter ended xxx 20 points Direct materials Ook 0 A $ O Manufacturing overhead 0 Total overhead costs Total manufacturing costs 0 0 $ 0 Cost of goods manufactured Cost of goods manufactured $ 0 1 20 points 2. Prepare an income statement eBook PRECIOUS PRODUCTION LIMITED Income Statement For the quarter ended XXXX ACK Print Cost of goods sold 0 0 Selling and administrative expenses 0 S 0 1 3. Assume that the company produced the equivalent of 16,000 units of product during the year. What was the average cost per unit for direct labour? What was the average cost per unit for factory insurance? (Round your answers to 2 decimal places) 20 DO Direct labour Insurance Average cost perunt per unit 4. Assume that the company expects to produce 18,000 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 insurance is a fixed cost: also assume that insurance 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 materials Insurance 5. This part of the question is not part of your Connect assignment 6. Assuming the company produced 24000 fully and partially finished units during the year determine the cost components of the finished goods inventory, which is composed of 4,800 finished units Drect materials Director Manufacturing overed Tot $