Morrison & Company incurred the following costs during August: Manufacturing overhead is applied on the basis of $25 per direct labor hour. Assume that overapplied or underapplied overhead is transferred to cost of goods sold only at the end of the year. During the month, 4,240 units of product were manufactured and 4,570 units of product were sold. On August 1 and August 31, Morrison & Company carried the following inventory balances: Required: Prepare a statement of cost of goods manufactured for the month of August and calculate the average cost per unit of product manufactured. Calculate the cost of goods sold during August. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? Prepare a traditional (absorption) income statement for Morrison & Company for the month of August. Assume that sales for the month were $282,100 and the company's effective income tax rate was 38%. Raw materials purchased $ 4 2,590 Direct labor ($13.1 per hour) 56,461 Manufacturing overhead (actual) 90,270 Selling expenses 31,740 Administrative expenses 14,070 Interest expense 6,207 MORRISON \& COMPANY Statement of Cost of Goods Manufactured For the month of August Raw materials: Purchases during August Raw materials available for use Less: Raw materials inventory, August 31 Cost of raw materials used Direct labor cost incurred Raw materials inventory, August 31 Total manufacturing costs, August Add: Work-in-process, August 1 Less: Work-in-process, August 31 Cost of goods manufactured, August $ 0 a-2. Calculate the average cost per unit of product manufactured. (Round your answer to 2 decimal places.) b. Calculate the cost of goods sold during August. c-1. Calculate the difference between cost of goods manufactured and cost of goods sold. (Round your intermediate calculations 2 decimal places.) c-2. How will this amount be reported in the financial statements? Prepare a traditional (absorption) income statement for Morrison \& Company for the month of August. Assume that sales for the month were $282 , 100 and the company's effective income tax rate was 38% . (Do not round intermediate calculations.) .