Selected account balances for the year ended December 31 are provided below for Superior Company: 1 $119,000 9,200 65,800 Selling and administrative salaries Insurance, factory Utilities, factory Purchases of raw materials Indirect labour Direct labour Advertising expense Cleaning supplies, factory Sales commissions Rent, factory building Maintenance, factory 68,000 72,200 67,400 8,800 40,000 132,000 30,000 Inventory balances at the beginning and end of the year were as follows: Beginning of the Year $44,800 Raw materials Work in process Finished goods End of the Year $19,800 41,900 82,000 47,000 The total manufacturing costs for the year were $710.000, and the cost of goods sold totalled $678,000. 1 Required: 1.a. Prepare a schedule of cost of goods manufactured. SUPERIOR COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials available for use Raw materials used in production Manufacturing overhead: Total overhead costs Total manufacturing costs Total work in process inventory Cost of goods manufactured 1.b. Prepare the cost of goods sold section of the company's Income statement for the year. SUPERIOR COMPANY Income Statement (Partial) For the Year Ended December 31 Goods available for sale Cost of goods sold 2. Assume that the dollar amounts given above are for the equivalent of 60,000 units produced during the year. Compute the average cost per unit for direct materials used and the average cost per unit for rent on the factory building. (Round your answers to 2 decimal places) Direct materials Rent on the factory building Average Cost per unit per unit 3. Assume that in the following year the company expects to produce 50,000 units. What average cost per unit and total cost would you expect to be incurred for direct materials? For rent on the factory building? (Assume that direct materials are a variable cost and that rent is a fixed cost) (Round your "Average Cost" answers to 2 decimal places.) Total Cost hi Direct materials Renton the factory building Average Cost per unit per une