Problem
Yasmine Company shows the following data for the month of May:
Raw materials inventory May 1 = 0
Raw materials inventory May 31 = $10,000
Work in Process Inventory May 1 = 0
Work in Process Inventory May 31 = $25,000
Finished Goods Inventory May 1 = 0
Finished Goods Inventory May 31 = $22,000
Total manufacturing costs incurred (materials used, direct labour and manufacturing overhead) during month of May = $68,250
Sales Revenue for May = $96,500
Selling and Administrative expenses for May = $4,000
Task
A. Assuming no other transaction happened, what was the Net Income before tax for the month of May?
B. Assuming no other transaction happened, what was the Cost of Goods Sold for the month of May?
C. Assuming no other transaction happened, what was the cost of units completed during the month of May?