The following cost and inventory data are taken from the accounting records of King Company for the year ending 31/12/2021. They relate to 20,000 units produced. Units sold during the year were 18,000 units. Direct labor cost Indirect labor o Indirect materials cost Selling and distribution costs Administrative salaries 50,000 30,000 3,000 80,000 40,800 Purchases of direct materials 150,000 Other costs and expenses (60% factory / 40% sales and administration) 30,000 Factory Heat, water and power 25,000 Beginning of End of the year the year D/M inventory 5,000 12,000 Work in process inventory 9,000 4,000 Finished goods inventory 0 ? Required 1. Prepare the schedule of the cost of goods manufactured 2. What is the cost of producing one unit? 3. King would like a profit of 100 from the sale of each unit. What should be the selling price per unit? 4. Calculate the cost of the closing finished goods inventory 5. Prepare the profit and loss for the year ended 31/12/2021