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The Shim Refrigerator Co. shows the following records for the period ended December 31, 19A:
Materials purchased
$ 550,000
Inventories, Jan. 1, 19A:
Materials
$ 20,000
Work-in-process
$ 200,000
Finished goods
1,000 units
Direct labor
$1,050,000
Factory overhead (40% variable)
$ 750,000
Selling expenses (all fixed)
$ 500,750
General and administrative (all fixed)
$ 385,230
Sales (7,500 units at $535)
Inventories, Dec. 31, 19A:
Materials
$ 50,000
Work-in-process
$ 100,000
Finished goods
1,000 units
Assume that finished goods inventories are valued at the current unit manufacturing cost.

Prepare a schedule of cost of goods manufactured.
Find the number of units manufactured and unit manufacturing cost.
Prepare an income statement for the period.
Find the total variable and fixed costs.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91611450

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