Value-Stream Reporting whth Inventory Decrease Rivera Manufacturing, Inc, has implemented lean manufacturing in its Kansas City plant as a pilot program, One of its value streams produces a family of small elect tools. The value-stream team managers were quite excited about the results, as some of their efforts to ellminate waste were proving to be effective. During the mos recent three weeks, the following data pertaining to the electric tool value stream were coliected: Week Is Demand =110 units a 545 Beginning inventory= 15 units Q$20 ( $5 materials and $15 conversion) Production 110 units using $300 of materials and 51,400 of conversion cost Week 2: Demand=120units9$45 Beginaing inventory = 15 ynits 8.$20 ( $5 materials and $15 conversien) Productionin 110 units vsing $300 of materials and $1,400 of conversion cost Week 3: Dernand=110unitso$45 beginning ifventory =0 Production =120 units using 1550 of materials and $1,700 of conversion cost Required: 1. Prepare a traditional income statement for each week. Production = 120 units using $550 of materials and $1,700 of conversion cost Required: 1. Prepare a traditional income statement for each week. T Cred Mr Wort Gross profit is caiculated by considering revenue and expense-related accounts. 2. Calculate the average value-stream product cost for each week. If required, round your answers to the nearest cent. Week 1 \$ per unit Week 2 i x per unit Week-3 1x per unit voonvy Wen Review what you have leamed about value-stream costing in the chapter. The total value-stream cost is a factor in calculating the value-stream product cost. 3. Prepare a value-stream income statement for each week. Assume that any increase in inventory is valued at average cost, If an amount is zero, enter "0