PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured [L01, LO2, LO3, LO4]. Visic Corporation, a manufacturing company, produces a single product. The following informa- tion has been taken from the company's production, sales, and cost records for the just com- pleted year. xis Production in units. 29,000 Sales in units. Ending finished goods inventory.in units Sales in dollars $1,300,000 Costs: Direct labor... Raw materials purchased Manufacturing overhead Selling and administrative expenses $90,000 $480,000 $300,000 $380,000 Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $20,000 $50,000 $0 $30,000 $40,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year. 2. Compute the following: The number of units in the finished goods inventory at the end of the year. b. The cost of the units in the finished goods inventory at the end of the year. а. 3. Prepare an income statement for the year.

PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured [L01, LO2, LO3, LO4]. Visic Corporation, a manufacturing company, produces a single product. The following informa- tion has been taken from the company's production, sales, and cost records for the just com- pleted year. xis Production in units. 29,000 Sales in units. Ending finished goods inventory.in units Sales in dollars $1,300,000 Costs: Direct labor... Raw materials purchased Manufacturing overhead Selling and administrative expenses $90,000 $480,000 $300,000 $380,000 Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $20,000 $50,000 $0 $30,000 $40,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year. 2. Compute the following: The number of units in the finished goods inventory at the end of the year. b. The cost of the units in the finished goods inventory at the end of the year. а. 3. Prepare an income statement for the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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