Calculate the total product costs incurred for the year


Creative Products Inc. incurred the following costs:

Administrative Costs = $2,000
Advertising Costs = $1,000
Direct Material Used = $8,000
Direct Labor = $20,000
Factory equipment deprectiation= $1,000
Factory Rent = $5,000
Indirect Labor = $3,000
Indirect Materials = $2,000

During the year, 3,000 units were produced out of which 2,750 units were sold for $30.

A) Calculate the total product costs incurred for the year.

B) What is the product cost per unit?

C) What is the cost of goods sold for the year?

D) What is net income for the year?

Please provide the steps and details to get the answer.

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Accounting Basics: Calculate the total product costs incurred for the year
Reference No:- TGS01210838

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