W W Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory Philips' accounting records provide the following information Purchases of raw materials Beginning materials inventory Ending materials inventory $320,000 46 800 66.800 Direct labor 200.000 Indirect labor 40.000 Rent factory building Depreciation factory equipment 42 000 Utilities, factory 60,000 11.900 90.000 180,000 300 000 Salary, sales supervisor Commissions, salespersons General administration Beginning work-in-process inventory Ending won process inventory Beginning finished goods inventory Ending tished goods inventory 13.040 14,940 80 000 114 100 42,000 factory building Depreciation, factory equipment Ulilities, factory 60,000 11,900 Salary, sales supervisor Commissions, salespersons 90,000 180,000 General administration 300,000 13,040 Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory 14,940 80,000 114,100 Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users