The following cost and inventory data are taken from the accounting records of King Company for the year ending 31/12/2019. They relate to 20,000 units produced. Units sold during the year were 18,000 units.

oDirect labor cost50,000

oIndirect labor30,000

oIndirect materials cost3,000

oSelling and distribution costs80,000

oAdministrative salaries40,800

oPurchases of direct materials150,000

oOther costs and expenses

(60% factory / 40% sales and administration)30,000

oFactory Heat, water and power25,000

Beginning ofEnd of

the yearthe year

D/M inventory 5,00012,000

Work in process inventory9,0004,000

Finished goods inventory0?

Required

1. Prepare the schedule of the cost of goods manufactured

2. Calculate 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 ending finished goods inventory

5. Prepare the profit and loss for the year ended 31/12/2019