Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price You are conted by Investors, Inc. a group of investors planning a new product. They have estimates of the costs of materials, labor, overhead, and other expenses for 2019 but need to know how much to charge for each unit to earn a profit in 2019 equal to 10% of their estimated Investment of $500,000 ore Income taxes Their plans indicate that each unit of the new product requires the following Direct Material of a material cesting per Direct laber of unem per hr of an assembler's time per te Major items of production overhead would be annual rent of $40.000 on the factory building and $25,000 on machinery as well as indirect materials of $21,000. Other production overhead is an estimatedom of total direct labor costs. Seling expenses are an estimated 2018 of total sales, and nonfactory administrative expenses are 10% of total sales. The consensus at investors that during 2019. 4000 unts of product should be produced for selling and another 1,000 units should be produced for the next years beginning inventory. Also an extra 6.000 pounds of materials will be purchased as beginning wertory for the next year. Because of the nature of the manufacturing process, all units are must be completed, so work in process invertories arendable Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2019 Do not use negative signs with any of your answers Estimated Total Manufacturing Cost For the Year Ended December 31, 2019 Cost of materials purchased Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2019. Do not use negative signs with any of your answers. Estimated Total Manufacturing Cost For the Year Ended December 31, 2019 Direct material: Beginning materials inventory Cost of materials purchased Cost of material available Less: Indirect materials used Total materials used Less: Ending materials inventory Direct materials used Direct labor Manufacturing overhead Indirect material Building rent Machinery rent Other factory overhead Total manufacturing overhead Total manufacturing costs Round answer to two decimal places. Product cost per unit b. Prepare an estimated income statement that would provide the target amount of profit for 2019. OOOO Income Statement For the Year Ended December 31, 2019 Gross profit on sales Operating expenses: What unit sales price should Investors charge for the new product? Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price You are conted by Investors, Inc. a group of investors planning a new product. They have estimates of the costs of materials, labor, overhead, and other expenses for 2019 but need to know how much to charge for each unit to earn a profit in 2019 equal to 10% of their estimated Investment of $500,000 ore Income taxes Their plans indicate that each unit of the new product requires the following Direct Material of a material cesting per Direct laber of unem per hr of an assembler's time per te Major items of production overhead would be annual rent of $40.000 on the factory building and $25,000 on machinery as well as indirect materials of $21,000. Other production overhead is an estimatedom of total direct labor costs. Seling expenses are an estimated 2018 of total sales, and nonfactory administrative expenses are 10% of total sales. The consensus at investors that during 2019. 4000 unts of product should be produced for selling and another 1,000 units should be produced for the next years beginning inventory. Also an extra 6.000 pounds of materials will be purchased as beginning wertory for the next year. Because of the nature of the manufacturing process, all units are must be completed, so work in process invertories arendable Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2019 Do not use negative signs with any of your answers Estimated Total Manufacturing Cost For the Year Ended December 31, 2019 Cost of materials purchased Required a. Incorporate the above data into a schedule of estimated total manufacturing costs and compute the unit production cost for 2019. Do not use negative signs with any of your answers. Estimated Total Manufacturing Cost For the Year Ended December 31, 2019 Direct material: Beginning materials inventory Cost of materials purchased Cost of material available Less: Indirect materials used Total materials used Less: Ending materials inventory Direct materials used Direct labor Manufacturing overhead Indirect material Building rent Machinery rent Other factory overhead Total manufacturing overhead Total manufacturing costs Round answer to two decimal places. Product cost per unit b. Prepare an estimated income statement that would provide the target amount of profit for 2019. OOOO Income Statement For the Year Ended December 31, 2019 Gross profit on sales Operating expenses: What unit sales price should Investors charge for the new product