Question - 1: Tombart Manufacturing Company has the following cost and expense data for the year ending December 31, 2017. TOMBERT COMPANY Income Statement For the Month Ended December 31, 2020 Sales (net) $7,80,000 Less: Operating expense Raw material purchase $2,64,000 Direct labor 1,90,000 Page 1 of 3 Set A Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on office equipment Indirect labor cost Utilities expense Insurance expense Net loss 90,000 75,000 60,000 45,000 31,000 28,000 12,000 8,000 8,03,000 ($23,000) Prior to December 2020, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As his friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows: (i) Inventory balances at the beginning and end of December were: January 01 December 31 Raw materials $18,000 $34,000 Work in process 16,000 14,000 Finished goods 30,000 48,000 (ii) Only 60% of the utilities expense and 50% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Requirements: (Marks 8+3=11) (a)Prepare a schedule of cost of goods manufactured and cost of goods sold for December 31, 2020. (b) If production is 20,000 units then calculate the direct material cost per unit and rent on factory facilitin