The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials $ 360,000 Raw materials inventory, beginning 40,000 Raw materials inventory, ending 68,000 Depreciation, factory 168,000 Insurance, factory 20,000 Direct labour 240,000 Maintenance, factory 120,000 Administrative expenses 280,000 Sales 1,800,000 Utilities, factory 108,000 Supplies, factory 4,000 Selling expenses 320,000 Indirect labour 260,000 Work in process inventory, beginning 28,000 Work in process inventory, ending 120,000 Finished goods inventory, beginning 40,000 Finished goods inventory, ending 160,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare an income statement. 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 to 2 decimal places.) 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.) (Do not round intermediate calculations. Round "Average cost per unit" answers to 2 decimal places.) 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.?