View Policies Show Attempt History Current Attempt in Progress Lily Company has accumulated the following budget data for the year 2022. 1. Sales: 31,160 units, unit selling price $88. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $7 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,190 pounds; ending, 15,240 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 20% of income before income taxes. (a) Your answer is correct. Prepare a schedule showing the computation of cost of goods sold for 2022. LILY COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022 Cost of one unit of finished goods: Direct materials +A $ 5 Direct labor Manufacturing overhead Total Cost of Goods Sold eTextbook and Media +A A 39 21 65 2025400 i Attempts: unlimited