Value-Stream Reporting with 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 electric tools. The value-stream team managers were quite excited about the results, as some of their efforts to eliminate waste were proving to be effective. During the most recent three weeks, the following data pertaining to the electric tool value stream were collected: Week 1: Demand= 120 units @ $55 Beginning 15 units $20 ($5 materials and $15 inventoryconversion) Production 120 units using $300 of materials and $1,200 of conversion cost Week 2: Demand 130 units @ $55 Beginning-15 units $20 ($5 materials and $15 inventoryconversion) Production 120 units using $300 of materials and $1,200 of conversion cost Week 3: Demand 120 units $55 Beginning-0 inventory Production 130 units using $550 of materials and Required: $1,550 of conversion cost 1. Prepare a traditional income statement for each week. Rivera Manufacturing, Inc. Traditional Income Statement Week 1 Week 2 Week 3 Sales 6,600 $7,150 6,000 Cost of goods Y Gross profit 2,400 2000 $4,200 2.400 4,200 Feedback -Check My Work Grass profit is calculated 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. 20 per unit Week 1 Week 2 18.45 per unit Week 3 21.7 x per unit