Purchases of raw materials $3,60,000 Raw materials inventory, beginning 40,000 Raw materials inventory, ending 68,000 Depreciation, factory 1,68,000 Insurance, factory 20,000 Direct labour 2,40,000 Maintenance, factory 1,20,000 Administrative expenses 2,80,000 Sales 18,00,000 Utilities, factory 1,08,000 Supplies, factory 4,000 Selling expenses 3,20,000 Indirect labour 2,60,000 Work in process inventory, beginning 28,000 Work in process inventory, ending 1,20,000 Finished goods inventory, beginning 40,000 Finished goods inventory, ending 1,60,000 For Part 3 Units produced 10,000 For Part 4 Units produced 12,000 For Part 6 Units produced 20,000 Finished goods inventory (units) 4,000 Part 1 PRECIOUS PRODUCTION LIMITED Schedule of Cost of Goods Manufactured For the Quarter Ended xxxx Direct materials: Raw materials inventory, beginning $- Add: Purchases of raw materials - Raw materials available for use - Deduct: Raw materials inventory, ending - Raw materials used in production $-0- Direct labour - Manufacturing overhead: Depreciation, factory - Utilities, factory - Maintenance, factory - Supplies, factory - Insurance, factory - Indirect labour - Total overhead costs - Total manufacturing costs - Add: Work in process inventory, beginning - - Deduct: Work in process inventory, ending - Cost of goods manufactured $-0- Part 2 PRECIOUS PRODUCTION LIMITED Income Statement For the Quarter Ended xxxx Sales $-0- Cost of goods sold: Finished goods inventory, beginning $-0- Add: Cost of goods manufactured - Goods available for sale - Deduct: Finished goods inventory, ending - Cost of goods sold - Gross margin - Selling and administrative expenses: Selling expenses - Administrative expenses - Total selling and administrative expenses - Operating income $- Part 3 Units of product produced 1 Average cost per unit for direct labour $-0- Average cost per unit for factory insurance $-0- Part 4 Units of product expected to be produced 1 Average cost per unit for direct materials $-0- Total cost for direct materials $-0- Average cost per unit for factory insurance $-0- Total cost for factory insurance $-0- Part 5 Explain to the president any difference in the average costs per unit between (3) and (4) above. Part 6 Units of product produced - Finished goods inventory (units) - Total for units Cost per Unit Total for units Cost components: Direct material $-0- $- $- Direct labour - - - Manufacturing overhead - - - All components $-0- $- $- Menu for Validated Cells: Add: Cost of goods manufactured Add: Purchases of raw materials Add: Work in process inventory, beginning Administrative expenses Deduct: Finished goods inventory, ending Deduct: Raw materials inventory, ending Deduct: Work in process inventory, ending Depreciation, factory Direct labour Finished goods inventory, beginning Goods available for sale Gross margin Indirect labour Insurance, factory Maintenance, factory Raw materials available for use Raw materials inventory, beginning Sales Selling expenses Supplies, factory Total manufacturing costs Utilities, factory