Question 5 (20 points) Beaver Company had $20,000 in beginning raw materials, and $35,000 in ending raw materials. Purchases of raw materials in the period, $305,000. Beaver incurred $400,000 of direct labour costs during 2014. Indirect labour amounted to $39,000 while indirect materials used totaled $15,000 (not part of above raw materials information). Other operating costs pertaining to the factory included utilities of $23,000; maintenance of $27,000; supplies of $11,000 (not part of any above total); depreciation expense on the factory building and equipment of $70,000; and factory property taxes of $25,000. There was $0 in beginning finished goods inventory. Work in process inventory began the year with a S0 balance and ended with a $0 balance. The company produced 10,000 units in the period, and sold 8,500 units. Required: Req't 1: Calculate the unit cost under Absorption Costing. Req't 2: Prepare a schedule of cost of goods manufactured for Beaver Falls Company for the year ended December 31. Req't 3: Prepare a schedule of cost of goods sold for Beaver Falls Company for the year ended December 31. Req't 4: Prepare an income statement assuming that total sales revenue was $1,440,000, and selling costs were $200,000 and administration costs were $160,000. (Use absorption costing and a traditional income statement.)