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PROBLEM 16.7A Determining Unit Costs Using the Cost of Finished Goods Manufactured The accounting records of Idaho Paper Company include the following information relating to the current year L04 Dec. 31 Jan. 1 37,500 40,000 ?210,000 Purchases of direct materials during year. Direct labor costs assigned to production Manufacturing overhead ...330,000 375,000 The company manufactures a single product; during the current year, 45,000 units w tured and 40,000 units were sold. Instructions a. Prepare a schedule of the cost of finished goods manufactured for the current year. Sh supporting computation of the cost of direct materials used during the year.) b. Compute the average per-unit cost of production during the current year. c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, ica d. Compute the cost of the inventory of finished goods at December 31 of the curceny method of inventory costing is used. assuming that the FIFO (first-in, first-out) method of inventory costing is used