125% + EB A View Zoom Add Page Insert Table Chart Text Shape Media Comment Collaborate Format Document Below is financial information for Universal Fashion Inc. (The Company) for the year ended December 31, 2021 prepared Text by its inexperienced accountant. Universal Fashion Inc. Income Statement Normal* at December 31, 2021 Revenues: Sales revenue ........ . . . . .............. . . . . . . . . .... $300,300 Sales commission payable.. 400 Style Layout More Royalty revenue......... .................... 60 Allowance for uncollectible accounts . . . . . . . 500 Unearned revenue.... . . . ..... . . . . . . . .... 700 Font Gain on sale of investment .... . . . . . . ... 600 Total revenues. ... . . . . . . . . . ... 303,100 Less: Cost of goods manufactured.. 239,000 Times New Roman C . . . .. Gross profit .......... ". . . . . . ...". 64,100 Regular 11 pt Operating expenses Selling expenses. ............................. ........... 35,000 B General and administrative expenses. 29,000 U S Investment in ABC Corporations. . 4.600 Restructuring costs.. 4,000 Character Styles None Prepaid insurance... 2,500 Dividend paid...... . . . . . 400 Interest expense..... 1,500 Text Color Total operating expenses .. 77,000 Net loss .. $(12,900) E E Universal Fashion Inc. Schedule of Cost of Goods Manufactured E at December 31, 2021 Direct materials purchased. $98,000 Direct manufacturing labor........ .... 45,000 Spacing 1.0 - Single C Manufacturing overhead: Research and development expense.. . . . . ... 4,500 Factory rent . ........ 24,500 Bullets & Lists None V Factory insurance .... 3,250 Indirect manufacturing labor co 6,750 Factory equipment.... .... 46,000 5,500 Drop Cap A Factory utilities ........... ... Prepaid janitorial services. 1,500 Factory bonus payable ... ... (2,000) Indirect materials. .. .......: $2,500 Other indirect manufacturing costs... 3,500 Total manufacturing overhead.... 96,000 Cost of goods manufactured. . . . .. $239,000 The accountant did not take the following items into consideration when preparing the statements above. a. Factory equipment was purchased January 1, 2020 and has a useful life of 5 years with $2,000 salvage (residual) value. The double declining ha nothed of dona. Factory equipment was purchased January 1, 2020 and has a useful life of 5 years with $2,000 salvage (residual) value. The company uses the double-declining-balance method of depreciation b. Inventory balances for 2021 are: MM December 31 2021 Direct materials. . $6,000 3 7,000 Work-inprocess . 8,000 10,000 Finished goods .. 25,000 28,000 The company's tax rate is 21%. The company's president is disappointed with the results of operations and has hired your accounting firm to review the nancial statements. Required: 1. As one step in gathering data for the president, prepare a revised schedule of cost of goods manufactured for the period ended December 31, 2021. Also, calculate the cost of producing one unit if the company produced 120,000 units in 2021 (round your answer to two decimal points). 2. As a second step, prepare a corrected multiple-step income statement for the year ended December 31, 2021. INSTRUCTIONS: A. This assignment must be completed in Excel. Handwritten work or late assignments will not he accepted. B. Grading of this project will be based on: 1. Accuracy of your schedule of cost of goods manufactured and income statement. 2. Use of formulas, neatness and formatting ofyonr Excel schednle of cost of goods manufactured and income statement. NOTE: a) Do not use .00 after each number, or color your work. h) Do not use excessive S signs on your statements. c) This Project is due Monday April 11, 2022. Email me your Excel schedule of cost of goods manufactured and income statement on or before the due date. Style Layout Font Times New Roman Regular B I LJ Character Styles Text Color C Spacing 1.0 , Single Bullets & Lists Drop Cap