Question 2: Cost Term, Concept and Classification (Marks 201 The following information has been taken from the accounting records of Fortune Company for last year: Name of Items TK. Direct Materials Consumed 600,000 Direct Labor 300,000 Factory Depreciation (Building & Machine) 100,000 Indirect Labor (Fixed) 150,000 Variable Factory Overhead 50,000 Supplies-Factory 30,000 Fixed Administrative Expense 200,000 Sales Commission (variable i.e. 10% on sales) Fixed Selling Expense During first year of their operation, the company produced 12,000 units and sold 10,000 units of goods. There was no ending work in process. 60,000 90,000 Requirement: Calculate (brief calculations must be shown) the following cost information for the first year: i) Per Unit Product Cost ii) Total Non-Manufacturing Cost iii) Total Conversion Cost iv) Per Unit Variable Cost (on units sold) v) Total Fixed Cost Activate Win