The following information was taken from the accounting records of Tech Inc. for the financial year 2019. The number of units of widgets produced is 2000.

R&D, marketing and customer service expenses $70,000

Ending work-in-process inventory $7,000

Indirect manufacturing labour $7,000

Beginning finished goods inventory $22,000

Machinery leasing cost $3,000

Beginning direct material inventory $11,000

Ending finished goods inventory $18,000

Ending direct material inventory $8,000

Beginning work-in-process inventory $6,000

Purchase of direct material $73,000

Miscellaneous production overheads $1,000

Depreciation on production plant $2,000

Direct manufacturing labour $9,000

Factory supplies used $2,000

Factory utilities $5,000

Sales revenue $210,000

Required:

1. Using the above information, prepare a Statement of Cost of Goods Manufactured in proper form. What is the unit cost for valuing inventory for external reporting?
2. Prepare an income statement to determine the operating income
3. Most of the companys accounting records were destroyed in a warehouse fire on December 31st, 2019. Mr. Smart, the CEO Tech Inc. did not want to give up on the business. We need to fill out the insurance forms as soon as possible to get back all our lost inventories. Assume you are the accountant at Tech Inc. Estimate the amount recoverable in insurance proceeds.

Could you give me some explanationThanks