Kildeer company makes easels for artists. During the last calendar year a total of 30,000 easels were made, and 31,000 were sold for $52 each. The actual unit cost is as follows:
Direct materials 14.70
Direct Labor 5.80
Variable Overhead 3.25
Fixed Overhead 15.25
Total Unit cost 39.00
The selling expenses consisted of a commission of 1.30 per unit sold and advertising copayments totaling 95,000. Admin expenses, all fixed equaled 183,000. Therer was no beginning and ending WIP inventories. Beginning finished goods inventory was 132,600 for 3400 easels.
Calculate the number and the dollar value of easels in ending finished goods inventory.
Prepare a cost of goods sold statement
Prepare an absorption costing income statement. Add a column for percentage sales.