Question 2 (25 points) The company Visic inc manufactures a single product The following information comes from its accounting records of production, sales and costs for the year just ended Production in units 29 000 I Init sales Stock of finished products at the end, in units Turnover $1,300,000 Costs: Advertising 105 000 Representation and travel expenses 40 000 Direct labor 90 000 indirect labor 85 000 Purchase of raw materials 480 000 Rent for the building (production occupies 80 from space: administrative offices and of the sale use the rest) 40 000 Utilities (water, electricity. etc. ) from the factorv 108,000 Royalty for the use of a production patent ($1.50 per unit produced) Plant maintenance 9 000 Rent for special manufacturing tools: 7 000 5 annually. plus 0.30 5 per unit produced...... Salaries of sales and administrative staff 210,000 Other Manufacturing Indirect Costs BOO Other Selling and Administrative Expenses. 17,000 At the start of At the end of the the exercise financial year Stocks Raw materials $20,000 $30,000 Work in progress 50 000 40 000 Finished products -0- The inventory of finished products is recognized at the average unit production cost for Texercise. The selling price of the product is $50 per unit Required: You must specify all the details of the calculation 1. Prepare a statement of the cost of goods produced for the fiscal year 2 Calculate a) The number of units in finished goods inventory at the end of the fiscal year, and b) The total cost of finished goods inventory for the fiscal year. 3. Prepare an income statement for the exercise