The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials $ 366,666 Raw materials inventory, beginning 46,666 Raw materials inventory, ending 66,666 Depreciation, factory 166,666 Insurance, factory 26,666 Direct labour 246,666 Maintenance, factory 126,666 Administrative expenses 266,666 Sales 1,666,666 Utilities, factory 166,666 Supplies, factory 4,666 Selling expenses 326,666 Indirect labour 266,666 l.-:.|or|s: in process inventory, beginning 26,666 l.-:.|or|: in process inventory, ending 126,666 Finished goods inventory, beginning 46,666 Finished goods inventory, ending 166,666 I Required: 1. Prepare a schedule of cost of goods manufactured. Answer is complete and correct. PRECIOUS PRODUCTION Schedule of Cost of Goods Manufactured For the quarter ended xxxx Direct materials: Raw materials inventory, beginning 40,000 Add: Purchases of raw materials 360,000 Raw materials available for use 400,000 Deduct: Raw materials inventory, ending 68,000 Raw materials used in production 332,000 Direct labour 240,000 Manufacturing overhead: Depreciation, factory 168,000 Insurance, factory 20,000 Maintenance, factory 120,000 Utilities, factory 108,000 Supplies, factory 4,000 Indirect labour 260,000 Total overhead costs 680,000 Total manufacturing costs 1,252,000 Add: Work in process inventory, beginning 28,000 1,280,000 Deduct: Work in process inventory, ending 120,000 Cost of goods manufactured $ 1,160,0001 Prepare an income statement. 6 Answer is not complete. $ 1,800,000 0 Cost of goods sold: $ 40,000 0 1,150,000 0 1,200,000 Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale {15000010 1,540,000 Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: 250,000 0 320,000 0 500,000 5; Administrative expenses Selling expenses Operating income 1 [140 out] 3. Assume that the company produced the equivalent of 10,000 units of product during the year. What was the average cost per unit for direct labour? What was the average cost per unit for factory insurance? {Round your answers 1.0 2 decimal places.) 9 Amwer is not complete. per unit Direct labour Insurance 4. Assume that the company expects to produce 12,000 units of product during the coming year. What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity? For factory insurance? (In preparing your answer, assume that direct materials is a variable cost and that insurance is a fixed cost; also assume that insurance is computed on a straight-line basis.) (Round "Average cost per unit" answers to 2 decimal places.) x Answer is not complete. Average cost per unit Total cost Direct materials Insurance 5. This part of the question is not part of your Connect assignment. 6. Assuming the company produced 20,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,000 finished units. x Answer is not complete. Direct materials Direct labour Manufacturing overhead Total 0