The following information pertains to the most recent quarter at Precious Production Limited.

Purchases of raw materials	$	372,000
Raw materials inventory, beginning		43,200
Raw materials inventory, ending		72,000
Depreciation, factory		188,000
Insurance, factory		20,800
Direct labour		245,600
Maintenance, factory		123,200
Administrative expenses		286,400
Sales		1,992,000
Utilities, factory		112,000
Supplies, factory		4,080
Selling expenses		327,200
Indirect labour		265,600
Work in process inventory, beginning		28,400
Work in process inventory, ending		121,600
Finished goods inventory, beginning		41,200
Finished goods inventory, ending		164,800

Required:

1. Prepare a schedule of cost of goods manufactured.

2. Prepare an income statement.

3. Assume that the company produced the equivalent of 18,000 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 to 2 decimal places.)

4. Assume that the company expects to produce 20,000 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.) (Do not round intermediate calculations. Round "Average cost per unit" answers to 2 decimal places.)

5. Not available in Connect.

6. Assuming the company produced 25,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 5,000 finished units.