Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the companys production, sales, and cost records for the just completed 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.
a. The number of units in the finished goods in inventory at the end of the year.
b. The cost of the units in the finished goods in inventory at the end of the year.
3. Prepare an income statement for the year.