Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price term investment of $600,000 (ignore income taxes). Their plans indicate that each unit of the new product requires the following: Direct Material 4lb. of a material costing $7.50 per lb. Direct labor 2 hrs. of a metal former's time at $16.50 per hr. 0.6hr. of an assembler's time at $12 per hr 20% of total sales. of the manufacturing process, all units started must be completed, so work in process inventories are negligible. Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2016. Do not use negative signs with any of your answers. b. Prepare an estimated income statement that would provide the target amount of profit for 2016. c. What unit sales price should Innovation charge for the new product