You are assisting the Controller of Kaur Corporation in the completion of year end financial statements. Kaur manufactures customized wooden boxes at its Sydney location. You obtained the following account balances for Kaur Corporation for the year ended December 31, 2021:

Insurance$24,000

Sales Commissions50,000

Labour440,000

Purchases of Direct Materials110,000

Repairs and Maintenance Plant12,700

Rent - Office Facilities54,000

Depreciation Factory Equipment28,000

Depreciation Office 9,000

Property Taxes40,000

Indirect Materials8,000

General Office Supplies (billing)5,000

General and Administration Costs14,000

Utilities82,000

Marketing Costs35,000

Sales999,000

Inventory balances for the year were as follows:

BeginningEnding

Direct Materials34,00031,000

Work in Process14,00016,000

Finished Goods81,00080,000

Assume that 50% of the labour cost was Direct Labour, 5% Indirect labour, the remaining 45% was administrative. Assume that 75% of the utilities cost, 70% of the insurance and 90% of the property taxes related to the plant.

Required

1. Prepare a schedule of cost of goods manufactured for Kaur Corporation.

2. Prepare an income statement for Kaur Corporation

3. Assuming Kaur manufactured 20,000 boxes during 2021, What would be the manufacturing cost of each box?