PROBLEM 2–24 Income Statement; Schedule of Cost of Goods Manufactured [LO2, LO3, LO4, LO5]Visic Corporation, a manufacturing company, produces a single product. The following informationhas been taken from the company's production, sales, and cost records for the just completed year.eXcelProduction in units29,000Sales in units?Ending finished goods inventory in unitsSales in dollars?$ 1,300,000Costs:$ 90,000$ 480,000$ 300,000$ 380,000Direct labor.Raw materials purchasedManufacturing overheadSelling and administrative expensesBeginning ofthe YearEnd ofthe YearInventories:Raw materialsWork in processFinished goods$ 20,000$ 50,000$30,000$ 40,000$0?Managerial Accounting and Cost Concepts71The 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.Compute the following:The number of units in the finished goods inventory at the end of the year.b.2.a.The cost of the units in the finished goods inventory at the end of the year.3. Prepare an income statement for the year.

The schedule of cost of goods manufactured states all the manufacturing costs such as direct…

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. a. b. The cost of the units in the finished goods inventory at the end of the year. 3. Prepare an income statement for the year.

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. a. b. The cost of the units in the finished goods inventory at the end of the year. 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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