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 & Managerial Accounting
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PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured [LO1, 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.
Sales in units.
Ending finished goods inventory in units
Sales in dollars
Costs:
Direct labor..
Raw materials purchased
Manufacturing overhead
Selling and administrative expenses
29,000
$1,300,000
$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.
3. Prepare an income statement for the year.
a.
Transcribed Image Text:PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured [LO1, 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. Sales in units. Ending finished goods inventory in units Sales in dollars Costs: Direct labor.. Raw materials purchased Manufacturing overhead Selling and administrative expenses 29,000 $1,300,000 $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. 3. Prepare an income statement for the year. a.
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